Seaspan (SESCF) 20-F 10 Mar 16 2015 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	SSW
Entity Registrant Name	Seaspan CORP
Entity Central Index Key	1,332,639
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	98,645,991
Entity Preferred Stock, Shares Outstanding	23,673,403	24,170,531
Series C Preferred Shares [Member]
Document Information [Line Items]
Entity Preferred Stock, Shares Outstanding	13,321,774
Series D Preferred Shares [Member]
Document Information [Line Items]
Entity Preferred Stock, Shares Outstanding	4,981,029
Series E Preferred Shares [Member]
Document Information [Line Items]
Entity Preferred Stock, Shares Outstanding	5,370,600

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 215,520	$ 201,755
Short-term investments	3,415	1,212
Accounts receivable (note 3)	24,065	23,742
Loans to affiliate (note 3)	219,649	237,908
Prepaid expenses	39,731	31,139
Gross investment in lease	37,783	21,170
Total current assets	540,163	516,926
Vessels (note 4)	5,278,348	5,095,723
Deferred charges (note 5)	92,640	64,655
Gross investment in lease		37,783
Goodwill	75,321	75,321
Other assets (note 6)	89,056	67,308
Fair value of financial instruments (note 16(d))	33,632	37,677
Total assets	6,109,160	5,895,393
Current liabilities:
Accounts payable and accrued liabilities (note 13(a))	76,386	65,208
Current portion of deferred revenue (note 7)	22,199	27,671
Current portion of long-term debt (note 8)	287,346	298,010
Current portion of other long-term liabilities (note 9)	38,298	18,543
Fair value of financial instruments (note 16(d))	1,260	7,505
Total current liabilities	425,489	416,937
Deferred revenue (note 7)	2,730	7,343
Long-term debt (note 8)	3,099,849	3,084,409
Other long-term liabilities (note 9)	468,023	253,542
Fair value of financial instruments (note 16(d))	336,886	387,938
Share capital (note 10):
Common and preferred shares	1,223	1,209
Treasury shares	(356)	(379)
Additional paid in capital	2,266,661	2,238,872
Deficit	(460,425)	(459,161)
Accumulated other comprehensive loss	(30,920)	(35,317)
Total shareholders' equity	1,776,183	1,745,224
Total liabilities and shareholders' equity	$ 6,109,160	$ 5,895,393
Commitments and contingent obligations (note 14)
Subsequent events (note 17)	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred shares, par value	$ 0.01	$ 0.01
Preferred shares, authorized	150,000,000	150,000,000
Preferred shares, issued	23,673,403	24,170,531
Preferred shares, outstanding	23,673,403	24,170,531
Class A Common Shares [Member]
Common shares, par value	$ 0.01	$ 0.01
Common shares, authorized	200,000,000	200,000,000
Common shares, issued	98,622,160	96,662,928
Common shares, outstanding	98,622,160	96,662,928

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenue	$ 819,024	$ 717,170	$ 677,090
Operating expenses:
Ship operating	193,836	166,097	150,105
Cost of services, supervision fees	1,950
Depreciation and amortization	204,862	181,527	172,459
General and administrative	27,338	30,462	34,783
Operating leases (note 9(c))	40,270	9,544	4,388
Total operating expenses	468,256	387,630	361,735
Operating earnings	350,768	329,540	315,355
Other expenses (income):
Interest expense	97,008	88,159	60,496
Interest income	(11,026)	(10,653)	(2,045)
Undrawn credit facility fees	3,100	3,109	2,725
Amortization of deferred charges (note 5)	11,685	10,342	9,477
Refinancing expenses (note 5)	5,770	70	4,038
Change in fair value of financial instruments (note 16(d))	54,576	105,694	(60,504)
Equity (income) loss on investment (note 6(a))	(5,107)	(256)	670
Other (income) expenses	(4,629)	1,828	1,470
Total other expenses (income)	151,377	198,293	16,327
Net earnings	$ 199,391	$ 131,247	$ 299,028
Earnings per share (note 11):
Class A common share, basic	$ 1.46	$ 0.80	$ 3.36
Class A common share, diluted	$ 1.46	$ 0.79	$ 2.93

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 199,391	$ 131,247	$ 299,028
Other comprehensive income:
Amounts reclassified to net earnings during the period relating to cash flow hedging instruments(note 16 (d))	4,397	5,311	6,212
Comprehensive income	$ 203,788	$ 136,558	$ 305,240

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($)	Total	Class A Common Shares [Member]	Series A Preferred Shares [Member]	Series C Preferred Shares [Member]	Series D Preferred Shares [Member]	Series E Preferred Shares [Member]	Common Shares [Member]	Common Shares [Member]Class A Common Shares [Member]	Preferred Shares [Member]	Preferred Shares [Member]Series D Preferred Shares [Member]	Preferred Shares [Member]Series E Preferred Shares [Member]	Treasury Shares [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Class A Common Shares [Member]	Additional Paid-in Capital [Member]Series C Preferred Shares [Member]	Additional Paid-in Capital [Member]Series D Preferred Shares [Member]	Additional Paid-in Capital [Member]Series E Preferred Shares [Member]	Deficit [Member]	Deficit [Member]Series C Preferred Shares [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2012	$ 1,218,567,000						$ 631,000		$ 173,000			$ (312,000)	$ 1,859,068,000					$ (594,153,000)		$ (46,840,000)
Balance, shares at Dec. 31, 2012		63,042,217	200,000	14,000,000	3,105,000
Net earnings	299,028,000																	299,028,000
Other comprehensive income	6,212,000																			6,212,000
Shares issued, value		$ 77,000,000			$ 50,000,000			$ 35,000		$ 20,000				$ 76,965,000		$ 49,980,000
Shares issued, shares		3,500,000			2,000,000
Fees and expenses in connection with issuance of common and preferred shares	(5,959,000)												(5,959,000)
Dividends on class A common shares	(76,340,000)																	(76,340,000)
Dividends on preferred shares	(38,493,000)																	(38,493,000)
Amortization of Series C issuance costs															$ 1,174,000				$ (1,174,000)
Shares issued through dividend reinvestment program	31,961,000						16,000						31,945,000
Shares issued through dividend reinvestment program, shares		1,561,838
Share-based compensation expense (note 12):
Restricted class A common shares, phantom share units and stock appreciation rights issued, value	14,004,000												14,004,000
Restricted class A common shares, phantom share units and stock appreciation rights issued, shares		79,088
Other share-based compensation	4,742,000						2,000						4,740,000
Other share-based compensation, shares		206,200
Fleet growth payments							8,000						(8,000)
Fleet growth payments, shares		820,697
Preferred shares repurchased, including related expenses	(8,950,000)								(3,000)				(8,287,000)					(660,000)
Preferred shares repurchased, including related expenses, shares				(334,469)
Treasury shares, value	(67,000)											(67,000)
Treasury shares		(1,152)
Balance at Dec. 31, 2013	1,571,705,000						692,000		190,000			(379,000)	2,023,622,000					(411,792,000)		(40,628,000)
Balance, shares at Dec. 31, 2013		69,208,888	200,000	13,665,531	5,105,000
Net earnings	131,247,000																	131,247,000
Other comprehensive income	5,311,000																			5,311,000
Conversion of Series A preferred shares							232,000		(2,000)				(230,000)
Conversion of Series A preferred shares, shares		23,177,175	(200,000)
Shares issued, value		$ 4,733,000				$ 135,000,000		$ 2,000			$ 54,000			$ 4,731,000			$ 134,946,000
Shares issued, shares		206,600				5,400,000
Fees and expenses in connection with issuance of common and preferred shares	(5,073,000)												(5,073,000)
Dividends on class A common shares	(127,007,000)																	(127,007,000)
Dividends on preferred shares	(50,443,000)																	(50,443,000)
Amortization of Series C issuance costs															1,166,000				(1,166,000)
Shares issued through dividend reinvestment program	64,697,000						31,000						64,666,000
Shares issued through dividend reinvestment program, shares		3,043,731
Share-based compensation expense (note 12):
Restricted class A common shares, phantom share units and stock appreciation rights issued, value	7,701,000						2,000						7,699,000
Restricted class A common shares, phantom share units and stock appreciation rights issued, shares		214,464
Other share-based compensation	7,353,000						3,000						7,350,000
Other share-based compensation, shares		344,438
Fleet growth payments							5,000						(5,000)
Fleet growth payments, shares		468,968
Treasury shares		(1,336)
Balance at Dec. 31, 2014	1,745,224,000						967,000		242,000			(379,000)	2,238,872,000					(459,161,000)		(35,317,000)
Balance, shares at Dec. 31, 2014		96,662,928		13,665,531	5,105,000	5,400,000
Net earnings	199,391,000																	199,391,000
Other comprehensive income	4,397,000																			4,397,000
Dividends on class A common shares	(144,553,000)																	(144,553,000)
Dividends on preferred shares	(53,655,000)																	(53,655,000)
Amortization of Series C issuance costs															$ 1,310,000				$ (1,310,000)
Shares issued through dividend reinvestment program	38,862,000						21,000						38,841,000
Shares issued through dividend reinvestment program, shares		2,138,653
Share-based compensation expense (note 12):
Restricted class A common shares, phantom share units and stock appreciation rights issued, value	3,928,000						2,000						3,926,000
Restricted class A common shares, phantom share units and stock appreciation rights issued, shares		229,254
Other share-based compensation	8,754,000												9,786,000					(1,037,000)
Other share-based compensation, shares		537,758
Common shares repurchased, including related expenses	(13,885,000)												(13,876,000)
Common stock repurchased including related expenses, shares		(944,524)
Preferred shares repurchased, including related expenses	(12,303,000)				$ (2,929,000)	$ (694,000)			(5,000)				(12,198,000)					(100,000)
Preferred shares repurchased, including related expenses, shares				(343,757)	(123,971)	(29,400)
Treasury shares, value	23,000											23,000
Treasury shares		(1,909)
Balance at Dec. 31, 2015	$ 1,776,183,000						$ 986,000		$ 237,000			$ (356,000)	$ 2,266,661,000					$ (460,425,000)		$ (30,920,000)
Balance, shares at Dec. 31, 2015		98,622,160		13,321,774	4,981,029	5,370,600

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net earnings	$ 199,391	$ 131,247	$ 299,028
Items not involving cash:
Depreciation and amortization	204,862	181,527	172,459
Share-based compensation (note 12)	4,528	8,301	14,604
Amortization of deferred charges (note 5)	11,685	10,342	9,477
Amounts reclassified from other comprehensive loss to interest expense	3,319	4,259	5,330
Unrealized change in fair value of financial instruments	(53,252)	(13,064)	(187,522)
Equity (income) loss on investment (note 6(a))	(5,107)	(256)	670
Refinancing expenses and recoveries (note 5)	5,148	(398)	2,017
Amortization of deferred gain (note 9(c))	(9,795)	(1,428)
Other income	(6,600)
Other	7,759	10,614	720
Changes in assets and liabilities:
Accounts receivable	(323)	(9,593)	(4,577)
Lease receivable	21,170	21,170	15,675
Prepaid expenses	(15,960)	856	(1,769)
Other assets and deferred charges	(31,011)	(9,380)	(2,716)
Accounts payable and accrued liabilities	10,231	9,046	6,071
Deferred revenue	(10,085)	3,188	(1,188)
Other long-term liabilities	(88)	(3,472)	(610)
Cash from operating activities	335,872	342,959	327,669
Financing activities:
Senior unsecured notes issued (note 8(c))		345,000
Preferred shares issued, net of issuance costs (note 10(b))		130,415	47,862
Common shares issued, net of issuance costs (note 10(a))		4,245	73,179
Draws on credit facilities	534,325	660,160	164,000
Repayment of credit facilities	(607,174)	(872,659)	(67,406)
Draws on other long-term liabilities	150,000
Repayment of other long-term liabilities	(21,691)	(393,382)	(39,988)
Shares repurchased, including related expenses (note 10)	(26,188)		(8,950)
Financing fees (note 5)	(17,399)	(17,405)	(23,334)
Dividends on common shares	(105,691)	(62,310)	(44,379)
Dividends on preferred shares	(53,655)	(50,443)	(38,493)
Proceeds from sale-leaseback of vessels (note 9(c))	542,000	330,000
Cash from financing activities	394,527	73,621	62,491
Investing activities:
Expenditures for vessels	(712,663)	(524,255)	(255,593)
Short-term investments	(2,203)	10,463	24,425
Restricted cash		60,000	(1,755)
Loans to affiliate (note 3)	(201,865)	(210,713)	(93,700)
Repayment of loans to affiliate (note 3)	200,680	850	39,633
Other assets	(583)	(27,550)	(3,724)
Investment in affiliate (note 6(a))			(4,444)
Cash used in investing activities	(716,634)	(691,205)	(295,158)
Increase (decrease) in cash and cash equivalents	13,765	(274,625)	95,002
Cash and cash equivalents, beginning of year	201,755	476,380	381,378
Cash and cash equivalents, end of year	215,520	201,755	476,380
Supplemental cash flow information (note 13(b))	$ 0	$ 0	$ 0

General

General	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
General	1. General: Seaspan Corporation (the “Company”) was incorporated on May 3, 2005 in the Marshall Islands and owns and operates containerships pursuant to primarily long-term, fixed-rate time charters to major container liner companies.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies: (a) Basis of presentation: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Seaspan Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 9. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings (loss) is included in earnings and added to or deducted from the cost of the investment. (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. (e) Vessels: Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from the predecessor upon completion of the Company’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value. (f) Dry-dock activities: Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company has adopted the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. (g) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. ( h ) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease facilities. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on capital leases is provided on the effective interest rate method over the term of the underlying obligation and amortization of deferred financing fees on operating leases is provided on a straight line basis over the lease term. (i) Revenue recognition: The Company derives its revenue primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating or capital lease. For time charters classified as operating leases, revenue for the lease and service components is recognized each day the vessel is on-hire and when collection is reasonably assured. For capital leases that are sales-type leases, the difference between the gross investment in lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. Unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Revenue from vessel management is recognized each day the vessel is managed and when collection is reasonably assured. During 2015, the Company changed its method of accounting for project revenue from completed contract to percentage of completion because reasonably dependable estimates are now available. Previously, the Company had applied the completed contract method because there was a lack of dependable estimates. Under the percentage of completion method, the Company measures progress on a contract using the output method, where the output is performance of the contracted services. The change which was applied retrospectively to all prior periods, had no impact on the amounts reported in the Company’s current or prior period financial statements. Funds received from customers prior to substantial completion of the contract continue to be recorded as deferred revenue. (j) Leases: Leases, where the Company is the lessee, are classified as either capital leases or operating leases based on an assessment of the terms of the lease. For sale-leaseback transactions, the Company, as seller-lessee, would recognize a gain or loss over the term of the lease as an adjustment to the lease expense, unless the loss is required to be recognized immediately by accounting standards. The term of the lease includes the fixed non-cancelable term of the lease plus all renewal periods where that renewal appears reasonably assured. (k) Derivative financial instruments: The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company has entered into interest rate swaps and swaptions to reduce the Company’s exposure to changing interest rates on its credit facilities. All of the Company’s derivatives are measured at their fair value at the end of each period. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. (l) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: · Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. · Level 2—Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. (m) Share-based compensation: The Company has granted restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units to certain of its officers, members of management and directors as compensation. Compensation cost is measured at their grant date fair values. Under this method, restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s Class A common shares at date of the grant, and SARs are measured at fair value using the Monte Carlo model. The fair value of each grant is recognized straight-line over the requisite service period. (n) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method was used to compute the dilutive effect of the Company’s Series A preferred shares until January 30, 2014, the date the Company’s outstanding 200,000 Series A preferred shares automatically converted into Class A common shares. Under the if-converted method, dividends applicable to the Series A preferred shares were added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends were assumed to have been converted at the share price applicable at the end of the period. The if-converted method was applied to the computation of diluted EPS only if the effect was dilutive. The dividends applicable to the Series C, D and E preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative. (o) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company include the assessment of the vessel useful lives, expected salvage values and the recoverability of the carrying value of vessels which are subject to future market events, carrying value of goodwill and the fair value of interest rate derivative financial instruments and share-based awards. Actual results could differ from those estimates. (p) Comparative information: Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. (q) Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2016-02, “Leases”. ASU 2016-02 will require lessees to recognize all leases, including operating leases, with a term greater than 12 months on the balance sheet, for the rights and obligations created by those leases. The accounting for lessors will remain largely unchanged from the existing accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 changes the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The standard does not apply to equity method investments or investments in consolidated subsidiaries. For entities that elect the fair value option for financial liabilities, the change in fair value that is attributable to instrument-specific credit risk must be recognized in other comprehensive income instead of net income. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements”. The guidance in ASU 2015-03 as described below does not address the presentation or subsequent measurement of debt issuance costs related to line of credit (“LOC”) arrangements. ASU 2015-15 states that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a LOC arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the LOC arrangement, regardless of whether there are outstanding borrowings. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In July 2015, the FASB delayed the effective date of ASU 2014-09, “Revenue from Contracts with Customers” by one year. Reporting entities may choose to adopt the standard as of the original effective date. The FASB decided, based on its outreach to various stakeholders and the forthcoming amendments to ASU 2014-09, that a deferral is necessary to provide adequate time to effectively implement the new revenue standard. ASU 2014-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, as part of its simplification initiative. ASU 2015-03 changes the presentation of debt issuance costs in financial statements such that an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation – Amendments to the Consolidation Analysis”. ASU 2015-02 changes the evaluation of whether limited partnerships, and similar legal entities, are variable interest entities, or VIEs, and eliminates the presumption that a general partner should consolidate a limited partnership that is a voting interest entity. The new guidance also alters the analysis for determining when fees paid to a decision maker or service provider represent a variable interest in a VIE and how interests of related parties affect the primary beneficiary determination. ASU 2015-02 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. The new standard allows early adoption, including early adoption in an interim period. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related party transactions	3. Related party transactions: (a) At December 31, 2015, the Company had $219,649,000 (2014 – $237,908,000) due from Greater China Intermodal Investments LLC (“GCI”) recorded as loans to affiliate. This amount includes the following: · The Company had $209,982,000 (2014 – $219,841,000) due from GCI for payments made in connection with vessels that GCI will acquire pursuant to a right of first refusal. These loans bear interest at rates ranging from 5% to 6% per annum (2014 – 5% to 7%). The Company may request repayment of these loans with 45 days notice. · A promissory note issued by GCI for $8,000,000 which bears interest at 7% per annum was repaid on December 1, 2015 (2014 - $8,553,000). · The interest receivable on these amounts is $9,667,000 (2014 – $9,514,000). The Company had $4,530,000 (2014 – $8,195,000) due from GCI included in accounts receivable and $1,500,000 (2014 – $6,788,000) due to GCI included in accounts payable and accrued liabilities. The Company had $588,000 (2014 – $1,454,000) due from other related parties included in accounts receivable and $265,000 (2014 – nil) due to other related parties included in accounts payable and accrued liabilities. (b) The Company incurred the following income or expenses with related parties: 2015 2014 2013 Fees paid: Arrangement fees $ 8,627 $ 4,520 $ 6,631 Transaction fees 9,506 7,323 3,532 Reimbursed expenses 33 237 72 Income earned: Interest income 10,614 9,888 1,150 Management fees 3,154 913 69 Supervision fees 1,950 — — The income or expenses with related parties relate to amounts paid to or received from individuals or entities that are associated with the Company’s directors or officers and these transactions are governed by pre-arranged contracts. Arrangement fees are paid to a company controlled by one of our directors in connection with services associated with debt or lease financing and are generally recorded as deferred financing fees and amortized over the term of the related debt or lease. Transaction fees are paid to the Company’s chief executive officer in connection with services he provided related to newbuild contracts, purchase or sale contracts and are capitalized to vessels. Arrangement fees and transaction fees are paid either in cash or, at the Company’s discretion, a combination of cash and up to 50% in the Company’s common shares (note 12(iv)). Interest income is earned on loans to affiliate. Management fees are earned from GCI for the management of GCI’s vessels and are included in revenue. Supervision fees are earned from GCI for the management of GCI’s newbuild vessels and are included in revenue.

Vessels

Vessels	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Vessels	4. Vessels: December 31, 2015 Cost Accumulated depreciation Net book value Vessels $ 6,149,625 $ 1,080,396 $ 5,069,229 Vessels under construction 209,119 — 209,119 Vessels $ 6,358,744 $ 1,080,396 $ 5,278,348 December 31, 2014 Cost Accumulated depreciation Net book value Vessels $ 5,708,685 $ 894,964 $ 4,813,721 Vessels under construction 282,002 — 282,002 Vessels $ 5,990,687 $ 894,964 $ 5,095,723 During the year ended December 31, 2015, the Company capitalized interest costs of $5,361,000 (2014 – $8,184,000; 2013 – $2,873,000) to vessels under construction.

Deferred charges

Deferred charges	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Deferred charges	5. Deferred charges: Dry-docking Financing fees Total December 31, 2013 $ 12,247 $ 41,724 $ 53,971 Costs incurred 11,318 19,445 30,763 Amortization expensed (a) (5,059 ) (10,342 ) (15,401 ) Refinancing expenses (b) — (3,279 ) (3,279 ) Amortization capitalized — (1,399 ) (1,399 ) December 31, 2014 $ 18,506 $ 46,149 $ 64,655 Costs incurred 32,837 21,712 54,549 Amortization expensed (a) (8,569 ) (11,685 ) (20,254 ) Refinancing expenses (b) — (5,148 ) (5,148 ) Amortization capitalized — (1,162 ) (1,162 ) December 31, 2015 $ 42,774 $ 49,866 $ 92,640 (a) Amortization of dry-docking costs is included in depreciation and amortization. Amortization of financing fees is included in amortization of deferred charges, unless it qualifies for capitalization. (b) During 2015, the Company refinanced four term loans to finance one 10000 TEU and four 14000 TEU vessels. In connection with the refinancing, the Company wrote off deferred financing fees totaling approximately $5,148,000. During 2014, the Company negotiated an early termination of its lease financing structure related to five 4500 TEU vessels. As a result, the Company wrote off deferred financing fees of approximately $945,000. In addition, the Company incurred refinancing expenses and costs of approximately $2,334,000 related to its issuance of senior unsecured notes. In December 2013, the Company entered into an agreement to extend and refinance its $1.0 billion revolving credit facility, or the Facility. In connection with the refinancing, the Company incurred refinancing expenses and costs of approximately $4,038,000.

Other assets

Other assets	12 Months Ended
	Dec. 31, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other assets	6. Other assets: 2015 2014 Equity investment in affiliate (a) $ 44,106 $ 19,555 Restricted cash 13,858 13,855 Intangible assets 2,471 2,525 Capital assets 2,288 1,579 Other 26,333 29,794 Other assets $ 89,056 $ 67,308 (a) On March 14, 2011, the Company entered into an agreement to participate in GCI, an investment vehicle established by an affiliate of The Carlyle Group. GCI will invest up to $900,000,000 equity capital in containership assets strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau. The Company agreed to make a minority investment in GCI of up to $100,000,000 during the investment period, which is anticipated to be up to five years. The Company accounts for its 10.8% (2014 – 10.8%) investment in GCI using the equity method. The investment of $44,106,000 (2014 - $19,555,000) is comprised of the Company’s capital contribution of $40,852,000 (2014 – $21,408,000) and its cumulative equity income on investment of $3,254,000 (2014 – cumulative loss of $1,853,000).

Deferred revenue

Deferred revenue	12 Months Ended
	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred revenue	7. Deferred revenue: 2015 2014 Deferred revenue on time charters $ 14,271 $ 21,889 Deferred interest on lease receivable 1,428 4,143 Other deferred revenue 9,230 8,982 Deferred revenue 24,929 35,014 Current portion (22,199 ) (27,671 ) Deferred revenue $ 2,730 $ 7,343

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-term debt	8. Long-term debt: 2015 2014 Long-term debt: Revolving credit facilities (a) $ 1,057,093 $ 1,301,920 Term loan credit facilities (b) 1,985,102 1,735,499 Senior unsecured notes (c) 345,000 345,000 Long-term debt 3,387,195 3,382,419 Current portion (287,346 ) (298,010 ) Long-term debt $ 3,099,849 $ 3,084,409 (a) Revolving credit facilities: As of December 31, 2015, the Company had four long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $1,227,115,000 (2014 – $1,307,046,000), of which $170,022,000 (2014 – $5,126,000) was undrawn. One of the term loan credit facilities (“Term Loans”) has a revolving loan component and this component has been included in the Revolvers. On April 22, 2015, the Company entered into a 364-day unsecured, revolving loan facility with various banks for up to $200,000,000 to be used to fund vessels under construction and for general corporate purposes. The facility bears interest at LIBOR plus a margin. At December 31, 2015, $35,000,000 has been drawn under this facility. The Revolvers mature between April 30, 2016 and December 31, 2023. Based on the Revolvers outstanding at December 31, 2015, the minimum repayments for the balances outstanding are as follows: 2016 $ 98,789 2017 104,183 2018 65,923 2019 197,320 2020 53,281 Thereafter 537,597 $ 1,057,093 Interest is calculated as one month LIBOR plus a margin per annum. At December 31, 2015, the one month LIBOR was 0.3% (2014 – one month and three month LIBOR 0.2%) and the margins ranged between 0.5% and 1.3% (2014 – 0.5% and 1.3%). The weighted average rate of interest, including the margin, was 0.9% at December 31, 2015 (2014 – 0.8%). Interest payments are made monthly. The Company is subject to commitment fees ranging between 0.2% and 0.4% calculated on the undrawn amounts under the various facilities. The Revolver loan payments are made in semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership for the secured facilities. For certain of our Revolvers with a principal outstanding of $93,240,000 payment is due in full at maturity. (b) Term loan credit facilities: As of December 31, 2015, the Company had 15 Term Loans available, which provided for aggregate borrowings of up to $2,216,352,000 (2014 – $2,075,499,000), of which $231,250,000 (2014 – $340,000,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. During the year ended December 31, 2015, the Company entered into five term loan facilities for a total of $702,700,000 to finance three 10000 TEU, four 4250 TEU and four 14000 TEU containerships. During the year, the Company terminated a portion of a term loan facility to finance one 14000 TEU containership. As a result, $97,500,000 is no longer available. Each loan bears interest at LIBOR plus a margin. At December 31, 2015, $366,577,000 was drawn under these facilities. The Term Loans mature between December 11, 2016 and July 6, 2025. Based on the Term Loans outstanding at December 31, 2015, the minimum repayments for the balances outstanding are as follows: 2016 $ 188,557 2017 178,682 2018 221,427 2019 373,893 2020 301,669 Thereafter 720,874 $ 1,985,102 For certain of our Term Loans with a total principal outstanding of $1,881,270,000 interest is calculated as one month, three month or six month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2015, the one month, three month and six month LIBOR was 0.3%, 0.5% and 0.5%, respectively (2014 – 0.2%, 0.2% and 0.3%, respectively) and the margins ranged between 0.4% and 4.8% (2014 – 0.4% and 4.8%). For certain of our Term Loans with a total principal outstanding of $103,832,000, interest is calculated based on the Export-Import Bank of Korea (KEXIM) plus 0.7% per annum. The weighted average rate of interest, including the margin, was 3.0% at December 31, 2015 (2014 – 2.8%). Interest payments are made in monthly, quarterly or semi-annual payments. The Company is subject to commitment fees ranging between 0.7% and 0.8% calculated on the undrawn amounts under the various facilities. The Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date. For one of our Term Loans with a total principal outstanding of $90,000,000, payment is due on the first and third anniversary of the drawdown date. (c) Senior unsecured notes: On April 3, 2014, the Company issued 13,800,000 senior unsecured notes (“the Notes”) at a price of $25.00 per note for gross proceeds of $345,000,000. A portion of the Notes were used to repay a $125,000,000 term loan credit facility. The Notes mature on April 30, 2019 and bear interest at a rate of 6.375% per annum, payable quarterly. (d) General: The security for each of the Company’s current secured credit facilities includes: · A first priority mortgage on the collateral vessels funded by the related credit facility; · An assignment of the Company’s time charters and earnings related to the related collateral vessels; · An assignment of the insurance on each of the vessels that are subject to a related mortgage; · An assignment of the Company’s related shipbuilding contracts; and · A pledge of the related retention accounts. The Company may prepay certain amounts outstanding without penalty, other than breakage costs in certain circumstances. Under each of our credit facilities, in certain circumstances a prepayment may be required as a result of certain events including the sale or loss of a vessel, a termination or expiration of a charter (and the inability to enter into a charter suitable to lenders within a period of time) or termination of a shipbuilding contract. The amount that must be prepaid may be calculated based on the loan to market value ratio or some other ratio that takes into account the market value of the relevant vessels. In these circumstances, valuations of our vessels are conducted on a “without charter” basis as required under the relevant credit facility agreement. Amounts prepaid in accordance with these provisions may be re-borrowed, subject to certain conditions. Each credit facility contains financial covenants requiring the Company maintain minimum liquidity, tangible net worth, interest coverage ratios, interest and principal coverage ratios, and debt to assets ratios, as defined. The Company is in compliance with these covenants at December 31, 2015.

Other long-term liabilities

Other long-term liabilities	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Other long-term liabilities	9. Other long-term liabilities: 2015 2014 Long term obligations under capital lease (a) (b) $ 342,767 $ 214,458 Deferred gain on sale-leasebacks (c) 163,554 57,627 Other long-term liabilities 506,321 272,085 Current portion (38,298 ) (18,543 ) Other long-term liabilities $ 468,023 $ 253,542 (a) The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the construction of certain vessels under existing shipbuilding contracts. Under these arrangements, the Company has agreed to transfer the vessels to the lessors and, commencing on the delivery date of the vessels by the shipyard, lease the vessels back from the lessor over the applicable lease term. In the arrangements where the shipbuilding contracts are novated to the lessors, the lessors assume responsibility for the remaining payments under the shipbuilding contracts. The leases are accounted for as capital leases. The vessels are recorded as an asset and the lease obligations are recorded as a liability. In certain of the arrangements, the lessors are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term and supervises the vessels’ construction before the lease term begins. As a result, the Company is considered to be the primary beneficiary of the lessors and consolidates the lessors for financial reporting purposes. The terms of the leases are as follows: ( i ) Under this arrangement, the lessor has provided financing of $144,185,000. The term of the lease is 12 years beginning June 29, 2011, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 2.6% margin. At the end of the lease, the outstanding balance of up to $48,000,000 will be due and title of the vessel will transfer to the Company. ( ii ) Under this arrangement, the lessor has provided financing of $109,000,000. The term of the lease is 12 years beginning March 14, 2012, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 3.0% margin. At the end of the lease, the Company will have the option to purchase the vessel from the lessor for $1. (b) On March 11, 2015, the Company entered into financing arrangements with Asian special purpose companies to refinance three 4500 TEU containerships for total proceeds of $150,000,000. Under the arrangements, the Company sold the vessels and is leasing the vessels back over a five year term. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The leases are accounted for as capital leases. The vessels are recorded as an asset and the lease obligations are recorded as a liability. Previously, these containerships along with two other 4500 TEU containerships were financed by five leases with a subsidiary of a financial institution. The leases were five-year terms that commenced between October 2010 and August 2011. In December 2014, the Company negotiated an early termination of the lease financing structure and, through a series of agreements, regained legal title to the vessels. As a result, the Company paid the termination amounts, funded by cash and the $60,000,000 that was in a cash deposit account over which the lessor had a first priority interest, realized a net gain of $3,763,000 and wrote off deferred financing fees of $945,000. The weighted average rate of interest, including the margin, was 4.5% at December 31, 2015 (2014 – 3.9%). As of December 31, 2015, the carrying value of the five vessels funded under these facilities was $547,401,000 (2014 – two vessels $315,600,000). Based on maximum amounts funded, payments due to the lessors for all five vessels would be as follows: 2016 $ 36,898 2017 39,812 2018 40,156 2019 40,526 2020 128,970 Thereafter 122,314 408,676 Less amounts representing interest (65,909 ) $ 342,767 (c) Deferred gain on sale-leasebacks: During 2015, the Company financed one 10000 TEU and three 14000 TEU newbuilding vessels through lease financing arrangements with Asian special purpose companies (“SPCs”). The lease financing arrangements provided total gross financing proceeds of $542,000,000. Under the lease financing arrangements, the Company sold the vessels to the SPCs and is leasing the vessels back from the SPCs over an initial term of approximately 8.5 or 9.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease terms will be automatically extended for an additional two or 2.5 years. The sale of these four vessels resulted in a deferred gain totaling approximately $117,482,000 which is being recorded as a reduction of the related operating lease expense over 10.5 years or 12 years, representing the initial lease term plus extensions. During 2014, the Company financed three 10000 TEU vessels through lease financing arrangements with SPCs, received gross proceeds of $330,000,000 and recorded a total deferred gain of $59,055,000 on the sale-leasebacks. The deferred gain will be recorded as a reduction of the related operating lease expense over 10.5 years, representing the initial lease term of 8.5 years plus the two year extension.

Share capital

Share capital	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Share capital	10. Share capital: (a) Common shares: In addition to Class A common shares, the Company has 25,000,000 Class B common shares and 100 Class C common shares authorized. As at December 31, 2015, there are no Class B or Class C common shares outstanding (2014 – nil). The Company has a dividend reinvestment program (“DRIP”) that allows interested shareholders to reinvest all or a portion of cash dividends received on the Company’s common shares. If new common shares are issued by the Company, the reinvestment price is equal to the average price of the Company’s common shares for the five days immediately prior to the reinvestment, less a discount. The discount rate is set by the Board of Directors and is currently 3%. If common shares are purchased in the open market, the reinvestment price is equal to the average price per share paid. On May 22, 2014, the Company announced that it had entered into an equity distribution agreement with sales agents under which the Company may, from time to time, issue Class A common shares in one or more at-the-market (“ATM”) offerings up to an aggregate of $75,000,000 in gross sales proceeds. Sales of such Class A common shares will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices, in block transactions, or as otherwise agreed between the Company and the sales agents. During the year ended December 31, 2015, the Company issued nil (2014 – 206,600) Class A common shares under the ATM program for gross proceeds of nil (2014 – $4,733,000). On April 1, 2015, the Company renewed its Rule 10b5-1 repurchase plan for up to $50,000,000 of its Class A common shares, which expires in March 2018. The Company repurchased 944,524 Class A common shares for approximately $13,885,000 during the year ended December 31, 2015. (b) Preferred shares: As at December 31, 2015, the Company had the following preferred shares outstanding: Liquidation preference Shares December December Series Authorized Issued 2015 2014 A 315,000 — $ — $ — B 260,000 — — — C 40,000,000 13,321,774 333,044 341,638 D 20,000,000 4,981,029 124,526 127,625 E 15,000,000 5,370,600 134,265 135,000 R 1,000,000 — — — In June 2015, the Company’s board of directors authorized the repurchase of up to $150,000,000 of its Series C preferred shares. In September 2015, the Company’s board of directors authorized the repurchase of up to $25,000,000 of each of its Series D and Series E preferred shares In September 2015, the Company entered into Rule 10b5-1 repurchase plans for up to $75,000,000 of its Series C preferred shares, and up to $7,500,000 for each of its Series D and Series E preferred shares. The share repurchase plans for the preferred shares expired in December 2015. During the year ended December 31, 2015, the Company repurchased 303,757 Series C, 123,971 Series D and 29,400 Series E preferred shares for a total of approximately $7,660,000, $2,929,000 and $694,000, respectively, via the repurchase plans. In addition, during the year ended December 31, 2015, the Company repurchased 40,000 of its 9.5% Series C preferred shares at $25.50 per share for a total of approximately $1,020,000 in the open market. ( i ) The Series C preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 9.5% per annum from their date of issuance. At any time on or after January 30, 2016, the Series C preferred shares may be redeemed, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. If the Company fails to comply with certain covenants, default on any of its credit facilities, fails to pay dividends or if the Series C preferred shares are not redeemed at the option of the Company, in whole by January 30, 2017, the dividend rate payable on the Series C preferred shares increases quarterly, subject to an aggregate maximum rate per annum of 25% prior to January 30, 2016 and 30% thereafter, to a rate that is 1.25 times the dividend rate payable on the Series C preferred shares. The Series C preferred shares are not convertible into common shares and are not redeemable at the option of the holder. ( ii ) On December 13, 2012, the Company issued 3,105,000 Series D preferred shares for gross proceeds of $77,625,000. On November 8, 2013, the Company issued an additional 2,000,000 Series D preferred shares for gross proceeds of $50,000,000. The Series D preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 7.95% per annum from their date of issuance. At any time on or after January 30, 2018, the Series D preferred shares may be redeemed by the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series D preferred shares are not convertible into common shares and are not redeemable at the option of the holder. ( iii ) On February 13, 2014, the Company issued 5,400,000 Series E preferred shares for gross proceeds of $135,000,000. The Series E preferred shares were issued for cash and pay cumulative quarterly dividends at a rate of 8.25% per annum from their date of issuance. At any time on or after February 13, 2019, the Series E preferred shares may be redeemed by the Company, in whole or in part at a redemption price of $25.00 per share plus unpaid dividends. The Series E preferred shares are not convertible into common shares and are not redeemable at the option of the holder. The preferred shares are subject to certain financial covenants and the Company is in compliance with these covenants at December 31, 2015.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per share	11. Earnings per share: (a) Earnings per share computation: The Company applies the if-converted method to determine the EPS impact for the convertible Series A preferred shares for those periods prior to the conversion of the Series A preferred shares on January 30, 2014. The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS computations. For the year ended Earnings Shares Per December 31, 2015 (numerator) (denominator) amount Net earnings $ 199,391 Less preferred share dividends: Series C (33,537 ) Series D (10,086 ) Series E (11,121 ) Series C preferred share repurchases (100 ) Basic EPS: Earnings attributable to common shareholders $ 144,547 99,217,000 $ 1.46 Effect of dilutive securities: Share-based compensation — 61,000 Diluted EPS: Earnings attributable to common shareholders $ 144,547 99,278,000 $ 1.46 For the year ended Earnings Shares Per December 31, 2014 (numerator) (denominator) amount Net earnings $ 131,247 Less preferred share dividends: Series A (3,395 ) Series C (33,623 ) Series D (10,036 ) Series E (9,776 ) Basic EPS: Earnings attributable to common shareholders $ 74,417 93,402,000 $ 0.80 Effect of dilutive securities: Share-based compensation — 131,000 Contingent consideration — 117,000 Diluted EPS (1) Earnings attributable to common shareholders $ 74,417 93,650,000 $ 0.79 For the year ended Earnings Shares Per December 31, 2013 (numerator) (denominator) amount Net earnings $ 299,028 Less preferred share dividends: Series A (38,390 ) Series C (34,035 ) Series D (6,744 ) Series C preferred share repurchases (660 ) Basic EPS: Earnings attributable to common shareholders $ 219,199 65,273,000 $ 3.36 Effect of dilutive securities: Share-based compensation — 306,000 Contingent consideration — 567,000 Shares held in escrow — 47,000 Convertible Series A preferred shares 38,390 21,641,000 Diluted EPS: Earnings attributable to common shareholders plus assumed conversion $ 257,589 87,834,000 $ 2.93 (1) The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the period the shares were outstanding.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation	12. Share-based compensation: In December 2005, the Company’s Board of Directors adopted the Seaspan Corporation Stock Incentive Plan (the “Plan”), under which our officers, employees and directors may be granted options, restricted shares, phantom shares, and other stock-based awards as may be determined by the Company’s Board of Directors. In December 2015, the Plan, which is administered by the Company’s Board of Directors, was amended to increase the total shares of common stock reserved for issuance under the Plan to 3,000,000 (2014 – 2,000,000). The Plan was also amended to an indefinite term (2014 – ten years) from the date of its adoption. At December 31, 2015, there are 1,418,715 (2014 – 578,598) remaining shares left for issuance under this Plan. A summary of the Company’s outstanding restricted shares, phantom share units, SARs and restricted stock units as of December 31, 2015 is presented below: Restricted shares Phantom share units Stock appreciation rights Restricted stock units Number W.A. Number W.A. grant Number of W.A. grant Number W.A. grant of shares date FV of units date FV SARs date FV of units date FV December 31, 2012 63,653 $ 14.17 562,000 $ 13.13 5,674,148 $ 2.03 — $ — Granted 54,990 17.01 95,000 19.30 1,664,457 3.51 — — Vested (65,578 ) 14.25 — — — — — — Exercised — — — — (241,906 ) 3.65 — — Cancelled (4,185 ) 17.01 — — (23,754 ) 3.51 — — December 31, 2013 48,880 17.01 657,000 14.02 7,072,945 2.32 — — Granted 43,936 22.57 70,000 23.04 — — 72,314 23.03 Vested (48,880 ) 17.01 — — — — (37,238 ) 23.03 Exercised — — — — (1,193,529 ) 2.42 — — Exchanged — — (20,000 ) 19.00 — — — — Cancelled — — — — — — — — December 31, 2014 43,936 22.57 707,000 14.77 5,879,416 2.30 35,076 23.03 Granted 51,368 18.39 100,000 18.24 — — 38,142 20.21 Vested (45,924 ) 22.39 — — — — (35,195 ) 22.01 Exchanged — — (110,000 ) 16.21 — — — — Cancelled (4,433 ) 18.39 (49,999 ) 19.66 (2,605 ) 3.65 (5,195 ) 21.86 December 31, 2015 44,947 $ 18.39 647,001 $ 14.73 5,876,811 $ 2.30 32,828 $ 21.03 During 2015, the Company recognized $3,928,000 (2014 – $7,701,000; 2013 – $14,004,000) in compensation cost related to the above share-based compensation awards. At December 31, 2015, there was $1,956,000 (2014 – $3,041,000) of total unrecognized compensation costs relating to unvested share-based compensation awards which are expected to be recognized over a weighted average period of 17 months. ( i ) Class A common shares are issued on a one for one basis in exchange for the cancellation of vested restricted shares and phantom share units. The restricted shares generally vest over one year and the phantom share units generally vest over three years. During 2015, the total fair value of restricted shares vested was $1,028,000 (2014 – $831,000; 2013 – $935,000) and the total fair value of shares cancelled was $82,000 (2014 – nil; 2013 – $71,000). As vested outstanding phantom share units are only exchanged for common shares upon written notice from the holder, the phantom share units that are exchanged for common shares may include units that vested in prior periods. At December 31, 2015, 547,001 (2014 – 560,334) of the outstanding phantom share units were vested and available for exchange by the holder. ( ii ) On March 27, 2013, the Company granted 1,664,457 SARs to certain members of management (the “Participants”) which vest and become exercisable in three tranches when and if the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche. The Participants may exercise each vested tranche of SARs and receive common shares with a value equal to the difference between the applicable base price and the fair market value of the common shares on the exercise date. The common shares received on the exercise of SARs are subject to a retention requirement where the Participant is required to retain ownership of 50% of the net after tax number of shares until the later of March 22, 2018 or 120 days after the exercise date. The assumptions used in the Monte Carlo model to calculate the grant date fair value of the SARs were as follows: 2013 Average expected term 3.8 Expected volatility 39.73 % Dividend yield 4.97 % Average risk free rate 0.50 % The following table provides information about the three tranches of SARs granted: Number of SARs granted Base price Expiration date 2013 Tranche 1 $ 21.50 December 7, 2015 531,885 Tranche 2 24.00 December 7, 2016 556,946 Tranche 3 26.50 December 7, 2017 575,626 Total 1,664,457 ( iii ) Under the Company’s Cash and Share Bonus Plan, the Company grants restricted stock units to eligible participants. The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant. The restricted stock units are valued at the market price of the underlying securities on the grant date and the compensation expense, based on the estimated number of awards expected to vest, is recognized over the three-year vesting period. Upon vesting of the restricted stock units, the participant will receive class A common shares. ( iv ) During 2015, the Company incurred $9,506,000 (2014 – $7,323,000; 2013 – $3,532,000) in transaction fees that were capitalized to vessels of which $4,753,000 (2014 – $3,662,000; 2013 – $1,766,000) were paid in Class A common shares. During 2015, the Company incurred $8,627,000 (2014 – $4,520,000; 2013 – $6,631,000) in arrangement fees that were primarily capitalized to deferred financing fees of which $4,314,000 (2014 – $2,260,000; 2013 – $2,666,000) were paid in Class A common shares. The Company also recognized $600,000 (2014 – $600,000; 2013 – $600,000) in share-based compensation expenses related to the accrued portion of performance based bonuses that are expected to be settled in stock-based awards in future periods. The number of shares issued under each of these arrangements is based on volume weighted average share prices as defined in the underlying agreements.

Other information

Other information	12 Months Ended
	Dec. 31, 2015
Additional Financial Information Disclosure [Abstract]
Other information	13. Other information: (a) Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are: 2015 2014 Due to related parties (note 3) $ 1,765 $ 6,788 Accrued interest 19,841 20,723 Accounts payable and other accrued liabilities 54,780 37,697 $ 76,386 $ 65,208 (b) Supplemental cash flow information: 2015 2014 2013 Interest paid on debt $ 97,724 $ 91,450 $ 59,999 Interest received 10,853 1,211 1,265 Undrawn credit facility fee paid 2,865 3,512 1,656 Non-cash transactions: Long-term debt for vessels under construction 77,625 8,300 54,080 Dividends on Series A preferred shares — 3,395 38,390 Dividend reinvestment 38,862 64,697 31,961 Loan repayment for vessels under construction — 29,680 6,560 Arrangement and transaction fees (note 12) 9,191 6,753 3,342 Vessel reallocation — 11,533 — Fair value of financial instruments — 50,278 — Capital contribution through settlement of loans to affiliate 19,444 15,000 —

Commitments and contingent obli

Commitments and contingent obligations	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and contingent obligations	14. Commitments and contingent obligations: (a) As of December 31, 2015, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: 2016 $ 869,010 2017 805,062 2018 794,182 2019 765,268 2020 724,742 Thereafter 1,981,112 $ 5,939,376 The minimum future revenues are based on 100% utilization, relate to committed time charter party agreements currently in effect and assume no renewals or extensions. (b) As of December 31, 2015, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: 2016 $ 373,247 2017 293,900 $ 667,147 (c) As of December 31, 2015, the commitment under operating leases for vessels is $821,684,000 for 2016 to 2027 and office space is $5,442,000 for 2016 to 2019. Total commitments under these leases are as follows: 2016 $ 76,993 2017 77,932 2018 78,180 2019 78,415 2020 79,130 Thereafter 436,476 $ 827,126

Concentrations

Concentrations	12 Months Ended
	Dec. 31, 2015
Risks And Uncertainties [Abstract]
Concentrations	15. Concentrations: The Company’s revenue is derived from the following customers: 2015 2014 2013 COSCON $ 298,658 $ 303,357 $ 301,842 CSCL Asia 125,900 126,399 134,434 MOL 105,676 65,633 52,997 Hapag Lloyd 98,811 77,675 65,463 K-Line 74,542 76,130 76,148 Other 115,437 67,976 46,206 $ 819,024 $ 717,170 $ 677,090

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Financial instruments	16. Financial instruments: (a) Fair value: The carrying values of cash and cash equivalents, short-term investments, restricted cash, accounts receivable, loans to affiliate and accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2015, the fair value of the Company’s Revolving and Term loan credit facilities is $2,999,746,000 (2014 – $2,911,330,000) and the carrying value is $3,042,195,000 (2014 – $3,037,419,000). As of December 31, 2015, the fair value of the Company’s other long-term liabilities, excluding the deferred gains, is $346,138,000 (2014 – $217,134,000) and the carrying value is $342,767,000 (2014 – $214,458,000). The fair value of the Revolving credit facilities, Term loan credit facilities and other long-term liabilities, excluding the deferred gains, are estimated based on expected principal repayments and interest, discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company has categorized the fair value of these financial instruments as Level 3 in the fair value hierarchy. As of December 31, 2015, the fair value of the Company’s senior unsecured notes is $335,340,000 (2014 – $342,240,000) and the carrying value is $345,000,000 (2014 – $345,000,000). The fair value of senior unsecured notes is calculated based on a quoted price that is readily and regularly available in an active market. Therefore, the Company has categorized the fair value of these financial instruments as Level 1 in the fair value hierarchy. The Company’s interest rate derivative financial instruments are re-measured to fair value at the end of each reporting period. The fair values of the interest rate derivative financial instruments have been calculated by discounting the future cash flow of both the fixed rate and variable rate interest rate payments. The discount rate was derived from a yield curve created by nationally recognized financial institutions adjusted for the associated credit risk. The fair values of the interest rate derivative financial instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Therefore, the Company has categorized the fair value of these derivative financial instruments as Level 2 in the fair value hierarchy. (b) Interest rate derivative financial instruments: The Company uses interest rate derivative financial instruments, consisting of interest rate swaps and interest rate swaptions, to manage its interest rate risk associated with its variable rate debt. Prior to 2008, the Company applied hedge accounting to certain of its interest rate swaps. In 2008, the Company voluntarily de-designated all such interest rate swaps as accounting hedges such that the Company no longer applies hedge accounting. The amounts in accumulated other comprehensive loss related to the interest rate swaps to which hedge accounting was previously applied are recognized in earnings when and where the related interest is recognized in earnings. As of December 31, 2015, the Company had the following outstanding interest rate derivatives: Fixed per annum Notional Maximum rate swapped for amount as of notional LIBOR December 31, 2015 amount (1) Effective date Ending date 5.6400% $ 694,987 $ 694,987 August 31, 2007 August 31, 2017 (2) 5.4200% 438,462 438,462 September 6, 2007 May 31, 2024 5.9450% 243,542 243,542 January 30, 2014 May 31, 2019 5.6000% 162,400 162,400 June 23, 2010 December 23, 2021 (2) 5.5950% 95,500 95,500 August 28, 2009 August 28, 2020 (3) 5.2600% 95,500 95,500 July 3, 2006 February 26, 2021 (2) 5.4975% 47,100 47,100 July 31, 2012 July 31, 2019 (3) 5.1700% 24,000 24,000 April 30, 2007 May 29, 2020 5.8700% — 620,390 August 31, 2017 November 28, 2025 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional over the remaining term of the swap. (2) Prospectively de-designated as an accounting hedge in 2008. (3) Swap counterparty has an early termination right in 2016 which may require the Company to settle the swap at the early termination date In addition, the Company entered into swaption agreements with a bank (Swaption Counterparty B) whereby Swaption Counterparty B has the option to require the Company to enter into interest rate swaps to pay LIBOR and receive a fixed rate of 1.183% and to pay 0.5% and receive LIBOR, respectively. The notional amounts of the underlying swaps are each $200,000,000 with an effective date of March 2, 2017 and an expiration of March 2, 2027. (c) Foreign exchange derivative instruments: The Company is exposed to market risk from foreign currency fluctuations. The Company has entered into foreign currency forward contracts to manage foreign currency fluctuations. At December 31, 2015, the notional amount of the foreign exchange forward contracts is $15,200,000 (2014 – $14,200,000) and the fair value liability is $1,260,000 (2014 – $638,000). Included in short-term investments is $2,095,000 (2014 - $1,100,000) of restricted cash held as collateral for these foreign currency forward contracts. (d) Fair value of asset and liability derivatives: The following provides information about the Company’s derivatives: 2015 2014 Fair value of financial instruments asset $ 33,632 $ 37,677 Fair value of financial instruments liability 338,146 395,443 Gross of recognized Amounts subject assets and to master netting December 31, 2015 liabilities agreement Net amount Derivative assets $ 33,632 $ 21,964 $ 11,668 Derivative liabilities 338,146 21,964 316,182 Net liability $ (304,514 ) $ — $ (304,514 ) Gross amounts of recognized Amounts subject assets and to master netting December 31, 2014 liabilities agreement Net amount Derivative assets $ 37,677 $ 26,625 $ 11,052 Derivative liabilities 395,443 26,625 368,818 Net liability $ (357,766 ) $ — $ (357,766 ) The following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2015 2014 2013 Gain/(Loss) on derivatives recognized in net earnings: Change in fair value of financial instruments $ (54,576 ) $ (105,694 ) $ 60,504 Loss reclassified from AOCL to net earnings (1) Interest expense $ (3,319 ) $ (4,259 ) $ (5,330 ) Depreciation and amortization (1,078 ) (1,052 ) (882 ) (1) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive income until September 30, 2008 when these contracts were de-designated as accounting hedges. The amounts in accumulated other comprehensive income will be recognized in earnings when and where the previously hedged interest is recognized in earnings. The estimated amount of AOCL expected to be reclassified to net earnings within the next twelve months is approximately $3,963,000.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent events	17. Subsequent events: (a) On January 12, 2016, the Company declared a quarterly dividend of $0.59375, $0.496875 and $0.515625 per Series C, Series D and Series E preferred share, respectively, representing a total distribution of $13,154,000. The dividends were paid on February 1, 2016 to all shareholders of record on January 29, 2016. (b) (c)

Summary of significant accoun25

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of presentation	(a) Basis of presentation: These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements.
Principles of consolidation	(b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Seaspan Corporation and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 9. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings (loss) is included in earnings and added to or deducted from the cost of the investment.
Foreign currency translation	(c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings.
Cash equivalents	(d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired.
Vessels	(e) Vessels: Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from the predecessor upon completion of the Company’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value.
Dry-dock activities	(f) Dry-dock activities: Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company has adopted the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity.
Goodwill	(g) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value.
Deferred financing fees	( h ) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease facilities. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on capital leases is provided on the effective interest rate method over the term of the underlying obligation and amortization of deferred financing fees on operating leases is provided on a straight line basis over the lease term.
Revenue recognition	(i) Revenue recognition: The Company derives its revenue primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating or capital lease. For time charters classified as operating leases, revenue for the lease and service components is recognized each day the vessel is on-hire and when collection is reasonably assured. For capital leases that are sales-type leases, the difference between the gross investment in lease and the present value of its components, i.e. the minimum lease payments and the estimated residual value, is recorded as unearned lease interest income. The discount rate used in determining the present values is the interest rate implicit in the lease. The present value of the minimum lease payments, computed using the interest rate implicit in the lease, is recorded as the sales price, from which the carrying value of the vessel at the commencement of the lease is deducted in order to determine the profit or loss on sale. Unearned lease interest income is amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Revenue from vessel management is recognized each day the vessel is managed and when collection is reasonably assured. During 2015, the Company changed its method of accounting for project revenue from completed contract to percentage of completion because reasonably dependable estimates are now available. Previously, the Company had applied the completed contract method because there was a lack of dependable estimates. Under the percentage of completion method, the Company measures progress on a contract using the output method, where the output is performance of the contracted services. The change which was applied retrospectively to all prior periods, had no impact on the amounts reported in the Company’s current or prior period financial statements. Funds received from customers prior to substantial completion of the contract continue to be recorded as deferred revenue.
Leases	(j) Leases: Leases, where the Company is the lessee, are classified as either capital leases or operating leases based on an assessment of the terms of the lease. For sale-leaseback transactions, the Company, as seller-lessee, would recognize a gain or loss over the term of the lease as an adjustment to the lease expense, unless the loss is required to be recognized immediately by accounting standards. The term of the lease includes the fixed non-cancelable term of the lease plus all renewal periods where that renewal appears reasonably assured.
Derivative financial instruments	(k) Derivative financial instruments: The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company has entered into interest rate swaps and swaptions to reduce the Company’s exposure to changing interest rates on its credit facilities. All of the Company’s derivatives are measured at their fair value at the end of each period. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately.
Fair value measurement	(l) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: · Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. · Level 2—Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. · Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Share-based compensation	(m) Share-based compensation: The Company has granted restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units to certain of its officers, members of management and directors as compensation. Compensation cost is measured at their grant date fair values. Under this method, restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s Class A common shares at date of the grant, and SARs are measured at fair value using the Monte Carlo model. The fair value of each grant is recognized straight-line over the requisite service period.
Earnings per share	(n) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method was used to compute the dilutive effect of the Company’s Series A preferred shares until January 30, 2014, the date the Company’s outstanding 200,000 Series A preferred shares automatically converted into Class A common shares. Under the if-converted method, dividends applicable to the Series A preferred shares were added back to earnings attributable to common shareholders, and the Series A preferred shares and paid-in kind dividends were assumed to have been converted at the share price applicable at the end of the period. The if-converted method was applied to the computation of diluted EPS only if the effect was dilutive. The dividends applicable to the Series C, D and E preferred shares reduce the earnings available to common shareholders, even if not declared, since the dividends are cumulative.
Use of estimates	(o) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company include the assessment of the vessel useful lives, expected salvage values and the recoverability of the carrying value of vessels which are subject to future market events, carrying value of goodwill and the fair value of interest rate derivative financial instruments and share-based awards. Actual results could differ from those estimates.
Comparative information	(p) Comparative information: Certain information has been reclassified to conform with the financial statement presentation adopted for the current year.
Recent accounting pronouncements	(q) Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2016-02, “Leases”. ASU 2016-02 will require lessees to recognize all leases, including operating leases, with a term greater than 12 months on the balance sheet, for the rights and obligations created by those leases. The accounting for lessors will remain largely unchanged from the existing accounting standards. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities”. ASU 2016-01 changes the income statement impact of equity investments held by an entity, and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The standard does not apply to equity method investments or investments in consolidated subsidiaries. For entities that elect the fair value option for financial liabilities, the change in fair value that is attributable to instrument-specific credit risk must be recognized in other comprehensive income instead of net income. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-Of-Credit Arrangements”. The guidance in ASU 2015-03 as described below does not address the presentation or subsequent measurement of debt issuance costs related to line of credit (“LOC”) arrangements. ASU 2015-15 states that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a LOC arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the LOC arrangement, regardless of whether there are outstanding borrowings. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In July 2015, the FASB delayed the effective date of ASU 2014-09, “Revenue from Contracts with Customers” by one year. Reporting entities may choose to adopt the standard as of the original effective date. The FASB decided, based on its outreach to various stakeholders and the forthcoming amendments to ASU 2014-09, that a deferral is necessary to provide adequate time to effectively implement the new revenue standard. ASU 2014-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, as part of its simplification initiative. ASU 2015-03 changes the presentation of debt issuance costs in financial statements such that an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, “Consolidation – Amendments to the Consolidation Analysis”. ASU 2015-02 changes the evaluation of whether limited partnerships, and similar legal entities, are variable interest entities, or VIEs, and eliminates the presumption that a general partner should consolidate a limited partnership that is a voting interest entity. The new guidance also alters the analysis for determining when fees paid to a decision maker or service provider represent a variable interest in a VIE and how interests of related parties affect the primary beneficiary determination. ASU 2015-02 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. The new standard allows early adoption, including early adoption in an interim period. The Company is evaluating the new guidance to determine the impact it will have on its consolidated financial statements

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of Income or Expenses with Related Parties	(b) The Company incurred the following income or expenses with related parties: 2015 2014 2013 Fees paid: Arrangement fees $ 8,627 $ 4,520 $ 6,631 Transaction fees 9,506 7,323 3,532 Reimbursed expenses 33 237 72 Income earned: Interest income 10,614 9,888 1,150 Management fees 3,154 913 69 Supervision fees 1,950 — —

Vessels (Tables)

Vessels (Tables)	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Schedule of Vessels	December 31, 2015 Cost Accumulated depreciation Net book value Vessels $ 6,149,625 $ 1,080,396 $ 5,069,229 Vessels under construction 209,119 — 209,119 Vessels $ 6,358,744 $ 1,080,396 $ 5,278,348 December 31, 2014 Cost Accumulated depreciation Net book value Vessels $ 5,708,685 $ 894,964 $ 4,813,721 Vessels under construction 282,002 — 282,002 Vessels $ 5,990,687 $ 894,964 $ 5,095,723

Deferred charges (Tables)

Deferred charges (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Deferred Charges	Dry-docking Financing fees Total December 31, 2013 $ 12,247 $ 41,724 $ 53,971 Costs incurred 11,318 19,445 30,763 Amortization expensed (a) (5,059 ) (10,342 ) (15,401 ) Refinancing expenses (b) — (3,279 ) (3,279 ) Amortization capitalized — (1,399 ) (1,399 ) December 31, 2014 $ 18,506 $ 46,149 $ 64,655 Costs incurred 32,837 21,712 54,549 Amortization expensed (a) (8,569 ) (11,685 ) (20,254 ) Refinancing expenses (b) — (5,148 ) (5,148 ) Amortization capitalized — (1,162 ) (1,162 ) December 31, 2015 $ 42,774 $ 49,866 $ 92,640 (a) Amortization of dry-docking costs is included in depreciation and amortization. Amortization of financing fees is included in amortization of deferred charges, unless it qualifies for capitalization. (b) During 2015, the Company refinanced four term loans to finance one 10000 TEU and four 14000 TEU vessels. In connection with the refinancing, the Company wrote off deferred financing fees totaling approximately $5,148,000.

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	2015 2014 Equity investment in affiliate (a) $ 44,106 $ 19,555 Restricted cash 13,858 13,855 Intangible assets 2,471 2,525 Capital assets 2,288 1,579 Other 26,333 29,794 Other assets $ 89,056 $ 67,308 (a) On March 14, 2011, the Company entered into an agreement to participate in GCI, an investment vehicle established by an affiliate of The Carlyle Group. GCI will invest up to $900,000,000 equity capital in containership assets strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau. The Company agreed to make a minority investment in GCI of up to $100,000,000 during the investment period, which is anticipated to be up to five years. The Company accounts for its 10.8% (2014 – 10.8%) investment in GCI using the equity method. The investment of $44,106,000 (2014 - $19,555,000) is comprised of the Company’s capital contribution of $40,852,000 (2014 – $21,408,000) and its cumulative equity income on investment of $3,254,000 (2014 – cumulative loss of $1,853,000).

Deferred revenue (Tables)

Deferred revenue (Tables)	12 Months Ended
	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	2015 2014 Deferred revenue on time charters $ 14,271 $ 21,889 Deferred interest on lease receivable 1,428 4,143 Other deferred revenue 9,230 8,982 Deferred revenue 24,929 35,014 Current portion (22,199 ) (27,671 ) Deferred revenue $ 2,730 $ 7,343

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	2015 2014 Long-term debt: Revolving credit facilities (a) $ 1,057,093 $ 1,301,920 Term loan credit facilities (b) 1,985,102 1,735,499 Senior unsecured notes (c) 345,000 345,000 Long-term debt 3,387,195 3,382,419 Current portion (287,346 ) (298,010 ) Long-term debt $ 3,099,849 $ 3,084,409 (a) Revolving credit facilities: As of December 31, 2015, the Company had four long-term revolving credit facilities (“Revolvers”) available and a line of credit, which provided for aggregate borrowings of up to $1,227,115,000 (2014 – $1,307,046,000), of which $170,022,000 (2014 – $5,126,000) was undrawn. One of the term loan credit facilities (“Term Loans”) has a revolving loan component and this component has been included in the Revolvers. On April 22, 2015, the Company entered into a 364-day unsecured, revolving loan facility with various banks for up to $200,000,000 to be used to fund vessels under construction and for general corporate purposes. The facility bears interest at LIBOR plus a margin. At December 31, 2015, $35,000,000 has been drawn under this facility. The Revolvers mature between April 30, 2016 and December 31, 2023. Based on the Revolvers outstanding at December 31, 2015, the minimum repayments for the balances outstanding are as follows: 2016 $ 98,789 2017 104,183 2018 65,923 2019 197,320 2020 53,281 Thereafter 537,597 $ 1,057,093 Interest is calculated as one month LIBOR plus a margin per annum. At December 31, 2015, the one month LIBOR was 0.3% (2014 – one month and three month LIBOR 0.2%) and the margins ranged between 0.5% and 1.3% (2014 – 0.5% and 1.3%). The weighted average rate of interest, including the margin, was 0.9% at December 31, 2015 (2014 – 0.8%). Interest payments are made monthly. The Company is subject to commitment fees ranging between 0.2% and 0.4% calculated on the undrawn amounts under the various facilities. The Revolver loan payments are made in semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership for the secured facilities. For certain of our Revolvers with a principal outstanding of $93,240,000 payment is due in full at maturity. (b) Term loan credit facilities: As of December 31, 2015, the Company had 15 Term Loans available, which provided for aggregate borrowings of up to $2,216,352,000 (2014 – $2,075,499,000), of which $231,250,000 (2014 – $340,000,000) was undrawn. One of the Term Loans has a revolving loan component and this component has been included in the Revolvers. During the year ended December 31, 2015, the Company entered into five term loan facilities for a total of $702,700,000 to finance three 10000 TEU, four 4250 TEU and four 14000 TEU containerships. During the year, the Company terminated a portion of a term loan facility to finance one 14000 TEU containership. As a result, $97,500,000 is no longer available. Each loan bears interest at LIBOR plus a margin. At December 31, 2015, $366,577,000 was drawn under these facilities. The Term Loans mature between December 11, 2016 and July 6, 2025. Based on the Term Loans outstanding at December 31, 2015, the minimum repayments for the balances outstanding are as follows: 2016 $ 188,557 2017 178,682 2018 221,427 2019 373,893 2020 301,669 Thereafter 720,874 $ 1,985,102 For certain of our Term Loans with a total principal outstanding of $1,881,270,000 interest is calculated as one month, three month or six month LIBOR plus a margin per annum, depending on the interest period selected by the Company. At December 31, 2015, the one month, three month and six month LIBOR was 0.3%, 0.5% and 0.5%, respectively (2014 – 0.2%, 0.2% and 0.3%, respectively) and the margins ranged between 0.4% and 4.8% (2014 – 0.4% and 4.8%). For certain of our Term Loans with a total principal outstanding of $103,832,000, interest is calculated based on the Export-Import Bank of Korea (KEXIM) plus 0.7% per annum. The weighted average rate of interest, including the margin, was 3.0% at December 31, 2015 (2014 – 2.8%). Interest payments are made in monthly, quarterly or semi-annual payments. The Company is subject to commitment fees ranging between 0.7% and 0.8% calculated on the undrawn amounts under the various facilities. The Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date. For one of our Term Loans with a total principal outstanding of $90,000,000, payment is due on the first and third anniversary of the drawdown date. (c) Senior unsecured notes: On April 3, 2014, the Company issued 13,800,000 senior unsecured notes (“the Notes”) at a price of $25.00 per note for gross proceeds of $345,000,000. A portion of the Notes were used to repay a $125,000,000 term loan credit facility. The Notes mature on April 30, 2019 and bear interest at a rate of 6.375% per annum, payable quarterly.

Other long-term liabilities (Ta

Other long-term liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Schedule of Other Long-Term Liabilities	2015 2014 Long term obligations under capital lease (a) (b) $ 342,767 $ 214,458 Deferred gain on sale-leasebacks (c) 163,554 57,627 Other long-term liabilities 506,321 272,085 Current portion (38,298 ) (18,543 ) Other long-term liabilities $ 468,023 $ 253,542 (a) The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the construction of certain vessels under existing shipbuilding contracts. Under these arrangements, the Company has agreed to transfer the vessels to the lessors and, commencing on the delivery date of the vessels by the shipyard, lease the vessels back from the lessor over the applicable lease term. In the arrangements where the shipbuilding contracts are novated to the lessors, the lessors assume responsibility for the remaining payments under the shipbuilding contracts. The leases are accounted for as capital leases. The vessels are recorded as an asset and the lease obligations are recorded as a liability. In certain of the arrangements, the lessors are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term and supervises the vessels’ construction before the lease term begins. As a result, the Company is considered to be the primary beneficiary of the lessors and consolidates the lessors for financial reporting purposes. The terms of the leases are as follows: ( i ) Under this arrangement, the lessor has provided financing of $144,185,000. The term of the lease is 12 years beginning June 29, 2011, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 2.6% margin. At the end of the lease, the outstanding balance of up to $48,000,000 will be due and title of the vessel will transfer to the Company. ( ii ) Under this arrangement, the lessor has provided financing of $109,000,000. The term of the lease is 12 years beginning March 14, 2012, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 3.0% margin. At the end of the lease, the Company will have the option to purchase the vessel from the lessor for $1. (b) On March 11, 2015, the Company entered into financing arrangements with Asian special purpose companies to refinance three 4500 TEU containerships for total proceeds of $150,000,000. Under the arrangements, the Company sold the vessels and is leasing the vessels back over a five year term. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The leases are accounted for as capital leases. The vessels are recorded as an asset and the lease obligations are recorded as a liability. Previously, these containerships along with two other 4500 TEU containerships were financed by five leases with a subsidiary of a financial institution. The leases were five-year terms that commenced between October 2010 and August 2011. In December 2014, the Company negotiated an early termination of the lease financing structure and, through a series of agreements, regained legal title to the vessels. As a result, the Company paid the termination amounts, funded by cash and the $60,000,000 that was in a cash deposit account over which the lessor had a first priority interest, realized a net gain of $3,763,000 and wrote off deferred financing fees of $945,000. The weighted average rate of interest, including the margin, was 4.5% at December 31, 2015 (2014 – 3.9%). As of December 31, 2015, the carrying value of the five vessels funded under these facilities was $547,401,000 (2014 – two vessels $315,600,000). Based on maximum amounts funded, payments due to the lessors for all five vessels would be as follows: 2016 $ 36,898 2017 39,812 2018 40,156 2019 40,526 2020 128,970 Thereafter 122,314 408,676 Less amounts representing interest (65,909 ) $ 342,767 (c) Deferred gain on sale-leasebacks: During 2015, the Company financed one 10000 TEU and three 14000 TEU newbuilding vessels through lease financing arrangements with Asian special purpose companies (“SPCs”). The lease financing arrangements provided total gross financing proceeds of $542,000,000. Under the lease financing arrangements, the Company sold the vessels to the SPCs and is leasing the vessels back from the SPCs over an initial term of approximately 8.5 or 9.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease terms will be automatically extended for an additional two or 2.5 years. The sale of these four vessels resulted in a deferred gain totaling approximately $117,482,000 which is being recorded as a reduction of the related operating lease expense over 10.5 years or 12 years, representing the initial lease term plus extensions. During 2014, the Company financed three 10000 TEU vessels through lease financing arrangements with SPCs, received gross proceeds of $330,000,000 and recorded a total deferred gain of $59,055,000 on the sale-leasebacks. The deferred gain will be recorded as a reduction of the related operating lease expense over 10.5 years, representing the initial lease term of 8.5 years plus the two year extension.
Based on Maximum Amounts Funded Payments Under Leases Due to Lessors for All Five Vessels	Based on maximum amounts funded, payments due to the lessors for all five vessels would be as follows: 2016 $ 36,898 2017 39,812 2018 40,156 2019 40,526 2020 128,970 Thereafter 122,314 408,676 Less amounts representing interest (65,909 ) $ 342,767

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Preferred Shares Outstanding	As at December 31, 2015, the Company had the following preferred shares outstanding: Liquidation preference Shares December December Series Authorized Issued 2015 2014 A 315,000 — $ — $ — B 260,000 — — — C 40,000,000 13,321,774 333,044 341,638 D 20,000,000 4,981,029 124,526 127,625 E 15,000,000 5,370,600 134,265 135,000 R 1,000,000 — — —

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations	The following is a reconciliation of the numerator and denominator used in the basic and diluted EPS computations. For the year ended Earnings Shares Per December 31, 2015 (numerator) (denominator) amount Net earnings $ 199,391 Less preferred share dividends: Series C (33,537 ) Series D (10,086 ) Series E (11,121 ) Series C preferred share repurchases (100 ) Basic EPS: Earnings attributable to common shareholders $ 144,547 99,217,000 $ 1.46 Effect of dilutive securities: Share-based compensation — 61,000 Diluted EPS: Earnings attributable to common shareholders $ 144,547 99,278,000 $ 1.46 For the year ended Earnings Shares Per December 31, 2014 (numerator) (denominator) amount Net earnings $ 131,247 Less preferred share dividends: Series A (3,395 ) Series C (33,623 ) Series D (10,036 ) Series E (9,776 ) Basic EPS: Earnings attributable to common shareholders $ 74,417 93,402,000 $ 0.80 Effect of dilutive securities: Share-based compensation — 131,000 Contingent consideration — 117,000 Diluted EPS (1) Earnings attributable to common shareholders $ 74,417 93,650,000 $ 0.79 For the year ended Earnings Shares Per December 31, 2013 (numerator) (denominator) amount Net earnings $ 299,028 Less preferred share dividends: Series A (38,390 ) Series C (34,035 ) Series D (6,744 ) Series C preferred share repurchases (660 ) Basic EPS: Earnings attributable to common shareholders $ 219,199 65,273,000 $ 3.36 Effect of dilutive securities: Share-based compensation — 306,000 Contingent consideration — 567,000 Shares held in escrow — 47,000 Convertible Series A preferred shares 38,390 21,641,000 Diluted EPS: Earnings attributable to common shareholders plus assumed conversion $ 257,589 87,834,000 $ 2.93 (1) The convertible Series A preferred shares are not included in the computation of diluted EPS because their effects are anti-dilutive for the period the shares were outstanding.

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units	A summary of the Company’s outstanding restricted shares, phantom share units, SARs and restricted stock units as of December 31, 2015 is presented below: Restricted shares Phantom share units Stock appreciation rights Restricted stock units Number W.A. Number W.A. grant Number of W.A. grant Number W.A. grant of shares date FV of units date FV SARs date FV of units date FV December 31, 2012 63,653 $ 14.17 562,000 $ 13.13 5,674,148 $ 2.03 — $ — Granted 54,990 17.01 95,000 19.30 1,664,457 3.51 — — Vested (65,578 ) 14.25 — — — — — — Exercised — — — — (241,906 ) 3.65 — — Cancelled (4,185 ) 17.01 — — (23,754 ) 3.51 — — December 31, 2013 48,880 17.01 657,000 14.02 7,072,945 2.32 — — Granted 43,936 22.57 70,000 23.04 — — 72,314 23.03 Vested (48,880 ) 17.01 — — — — (37,238 ) 23.03 Exercised — — — — (1,193,529 ) 2.42 — — Exchanged — — (20,000 ) 19.00 — — — — Cancelled — — — — — — — — December 31, 2014 43,936 22.57 707,000 14.77 5,879,416 2.30 35,076 23.03 Granted 51,368 18.39 100,000 18.24 — — 38,142 20.21 Vested (45,924 ) 22.39 — — — — (35,195 ) 22.01 Exchanged — — (110,000 ) 16.21 — — — — Cancelled (4,433 ) 18.39 (49,999 ) 19.66 (2,605 ) 3.65 (5,195 ) 21.86 December 31, 2015 44,947 $ 18.39 647,001 $ 14.73 5,876,811 $ 2.30 32,828 $ 21.03
Schedule of Assumptions to Calculate Fair Value of Stock Appreciation Rights	The assumptions used in the Monte Carlo model to calculate the grant date fair value of the SARs were as follows: 2013 Average expected term 3.8 Expected volatility 39.73 % Dividend yield 4.97 % Average risk free rate 0.50 %
Schedule of Information about Three Tranches of SARs Granted	The following table provides information about the three tranches of SARs granted: Number of SARs granted Base price Expiration date 2013 Tranche 1 $ 21.50 December 7, 2015 531,885 Tranche 2 24.00 December 7, 2016 556,946 Tranche 3 26.50 December 7, 2017 575,626 Total 1,664,457

Other information (Tables)

Other information (Tables)	12 Months Ended
	Dec. 31, 2015
Additional Financial Information Disclosure [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	(a) Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are: 2015 2014 Due to related parties (note 3) $ 1,765 $ 6,788 Accrued interest 19,841 20,723 Accounts payable and other accrued liabilities 54,780 37,697 $ 76,386 $ 65,208
Schedule of Supplemental Cash Flow Information	(b) Supplemental cash flow information: 2015 2014 2013 Interest paid on debt $ 97,724 $ 91,450 $ 59,999 Interest received 10,853 1,211 1,265 Undrawn credit facility fee paid 2,865 3,512 1,656 Non-cash transactions: Long-term debt for vessels under construction 77,625 8,300 54,080 Dividends on Series A preferred shares — 3,395 38,390 Dividend reinvestment 38,862 64,697 31,961 Loan repayment for vessels under construction — 29,680 6,560 Arrangement and transaction fees (note 12) 9,191 6,753 3,342 Vessel reallocation — 11,533 — Fair value of financial instruments — 50,278 — Capital contribution through settlement of loans to affiliate 19,444 15,000 —

Commitments and contingent ob37

Commitments and contingent obligations (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Revenues to be Received on Committed Agreements	(a) As of December 31, 2015, the minimum future revenues to be received on committed time charter party agreements and interest income from sales-type capital leases are approximately: 2016 $ 869,010 2017 805,062 2018 794,182 2019 765,268 2020 724,742 Thereafter 1,981,112 $ 5,939,376
Schedule of Outstanding Commitments for Installment Payments for Vessels	(b) As of December 31, 2015, based on the contractual delivery dates, the Company has outstanding commitments for installment payments for vessels under construction as follows: 2016 $ 373,247 2017 293,900 $ 667,147
Schedule of Commitment Under Operating Leases	(c) As of December 31, 2015, the commitment under operating leases for vessels is $821,684,000 for 2016 to 2027 and office space is $5,442,000 for 2016 to 2019. Total commitments under these leases are as follows: 2016 $ 76,993 2017 77,932 2018 78,180 2019 78,415 2020 79,130 Thereafter 436,476 $ 827,126

Concentrations (Tables)

Concentrations (Tables)	12 Months Ended
	Dec. 31, 2015
Risks And Uncertainties [Abstract]
Schedule of Revenue Derived from Customers	The Company’s revenue is derived from the following customers: 2015 2014 2013 COSCON $ 298,658 $ 303,357 $ 301,842 CSCL Asia 125,900 126,399 134,434 MOL 105,676 65,633 52,997 Hapag Lloyd 98,811 77,675 65,463 K-Line 74,542 76,130 76,148 Other 115,437 67,976 46,206 $ 819,024 $ 717,170 $ 677,090

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Outstanding Interest Rate Derivatives	As of December 31, 2015, the Company had the following outstanding interest rate derivatives: Fixed per annum Notional Maximum rate swapped for amount as of notional LIBOR December 31, 2015 amount (1) Effective date Ending date 5.6400% $ 694,987 $ 694,987 August 31, 2007 August 31, 2017 (2) 5.4200% 438,462 438,462 September 6, 2007 May 31, 2024 5.9450% 243,542 243,542 January 30, 2014 May 31, 2019 5.6000% 162,400 162,400 June 23, 2010 December 23, 2021 (2) 5.5950% 95,500 95,500 August 28, 2009 August 28, 2020 (3) 5.2600% 95,500 95,500 July 3, 2006 February 26, 2021 (2) 5.4975% 47,100 47,100 July 31, 2012 July 31, 2019 (3) 5.1700% 24,000 24,000 April 30, 2007 May 29, 2020 5.8700% — 620,390 August 31, 2017 November 28, 2025 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional over the remaining term of the swap. (2) Prospectively de-designated as an accounting hedge in 2008. (3) Swap counterparty has an early termination right in 2016 which may require the Company to settle the swap at the early termination date
Schedule of Derivatives	The following provides information about the Company’s derivatives: 2015 2014 Fair value of financial instruments asset $ 33,632 $ 37,677 Fair value of financial instruments liability 338,146 395,443
Schedule of Financial Instruments, Effect of the Master Netting Agreement	Gross of recognized Amounts subject assets and to master netting December 31, 2015 liabilities agreement Net amount Derivative assets $ 33,632 $ 21,964 $ 11,668 Derivative liabilities 338,146 21,964 316,182 Net liability $ (304,514 ) $ — $ (304,514 ) Gross amounts of recognized Amounts subject assets and to master netting December 31, 2014 liabilities agreement Net amount Derivative assets $ 37,677 $ 26,625 $ 11,052 Derivative liabilities 395,443 26,625 368,818 Net liability $ (357,766 ) $ — $ (357,766 )
Schedule of Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings	The following table provides information about losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2015 2014 2013 Gain/(Loss) on derivatives recognized in net earnings: Change in fair value of financial instruments $ (54,576 ) $ (105,694 ) $ 60,504 Loss reclassified from AOCL to net earnings (1) Interest expense $ (3,319 ) $ (4,259 ) $ (5,330 ) Depreciation and amortization (1,078 ) (1,052 ) (882 ) (1) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive income until September 30, 2008 when these contracts were de-designated as accounting hedges. The amounts in accumulated other comprehensive income will be recognized in earnings when and where the previously hedged interest is recognized in earnings.

General - Additional Informatio

General - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Company incorporation date	May 3, 2005

Summary of significant accoun41

Summary of significant accounting policies - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jan. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Number of years between dry-docking for each vessel	5 years
Preferred shares, outstanding	23,673,403	24,170,531
Series A Preferred Shares [Member]
Summary Of Significant Accounting Policies [Line Items]
Preferred shares, outstanding			200,000
Vessels [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of each vessel	30 years

Related party transactions - Ad

Related party transactions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 01, 2015
Related Party Transaction [Line Items]
Loans to affiliates	$ 219,649,000	$ 237,908,000
Amounts payable to related parties included in accounts payable and accrued liabilities	$ 1,765,000	6,788,000
Related party transaction, description	Arrangement fees and transaction fees are paid either in cash or, at the Company’s discretion, a combination of cash and up to 50% in the Company’s common shares (note 12(iv)).
Maximum [Member]
Related Party Transaction [Line Items]
Maximum number of common stock that may be issued for arrangement fees and transaction fees	50.00%
GCI [Member]
Related Party Transaction [Line Items]
Loans to affiliates	$ 219,649,000	237,908,000
Interest receivable on loans to affiliate	9,667,000	9,514,000
Amounts due from related other parties included in accounts receivable	4,530,000	8,195,000
Amounts payable to related parties included in accounts payable and accrued liabilities	$ 1,500,000	6,788,000
GCI [Member] | Promissory Note [Member]
Related Party Transaction [Line Items]
Promissory note, issued		8,553,000	$ 8,000,000
Promissory note, interest rate	7.00%
GCI [Member] | Vessels [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 209,982,000	$ 219,841,000
Notice period for loans receivables	45 days
GCI [Member] | Vessels [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Receivable interest rate	5.00%	5.00%
Receivable interest rate	Interest at 5% per annum
GCI [Member] | Vessels [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Receivable interest rate	6.00%	7.00%
Receivable interest rate	Interest at 7% per annum
Other Related Parties [Member]
Related Party Transaction [Line Items]
Amounts due from related other parties included in accounts receivable	$ 588,000	$ 1,454,000
Amounts payable to related parties included in accounts payable and accrued liabilities	$ 265,000

Related party transactions - Sc

Related party transactions - Schedule of Income or Expenses with Related Parties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Arrangement fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related parties	$ 8,627	$ 4,520	$ 6,631
Transaction fees [Member]
Related Party Transaction [Line Items]
Expenses incurred with related parties	9,506	7,323	3,532
Reimbursed expenses [Member]
Related Party Transaction [Line Items]
Expenses incurred with related parties	33	237	72
Management Fees [Member]
Related Party Transaction [Line Items]
Income earned from related parties	3,154	913	69
Supervision Fees [Member]
Related Party Transaction [Line Items]
Income earned from related parties	1,950
Interest Income [Member]
Related Party Transaction [Line Items]
Income earned from related parties	$ 10,614	$ 9,888	$ 1,150

Vessels - Schedule of Vessels (

Vessels - Schedule of Vessels (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Cost	$ 6,358,744	$ 5,990,687
Accumulated depreciation	1,080,396	894,964
Net book value	5,278,348	5,095,723
Vessels [Member]
Property, Plant and Equipment [Line Items]
Cost	6,149,625	5,708,685
Accumulated depreciation	1,080,396	894,964
Net book value	5,069,229	4,813,721
Vessels under construction [Member]
Property, Plant and Equipment [Line Items]
Cost	209,119	282,002
Net book value	$ 209,119	$ 282,002

Vessels - Additional Informatio

Vessels - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Vessels under construction [Member]
Property, Plant and Equipment [Line Items]
Interest costs capitalized to vessels under construction	$ 5,361,000	$ 8,184,000	$ 2,873,000

Deferred charges - Deferred Cha

Deferred charges - Deferred Charges (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Beginning Balance, Dry-docking	$ 18,506,000	$ 12,247,000
Costs incurred, Dry-docking	32,837,000	11,318,000
Amortization expensed, Dry-docking	(8,569,000)	(5,059,000)
Ending Balance, Dry-docking	42,774,000	18,506,000	$ 12,247,000
Beginning Balance, Financing fees	46,149,000	41,724,000
Costs incurred, Financing fees	21,712,000	19,445,000
Amortization expensed, Financing fees	(11,685,000)	(10,342,000)	(9,477,000)
Refinancing expenses, Financing fees	(5,148,000)	(3,279,000)
Amortization capitalized, Financing fees	(1,162,000)	(1,399,000)
Ending Balance, Financing fees	49,866,000	46,149,000	41,724,000
Beginning Balance, Total	64,655,000	53,971,000
Costs incurred, Total	54,549,000	30,763,000
Amortization expensed, Total	(20,254,000)	(15,401,000)
Refinancing expenses, Total	(5,148,000)	(3,279,000)	(4,038,000)
Amortization capitalized, Total	(1,162,000)	(1,399,000)
Ending Balance, Total	$ 92,640,000	$ 64,655,000	$ 53,971,000

Deferred charges - Deferred C47

Deferred charges - Deferred Charges (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)TermLoan	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Deferred Costs And Other Assets [Line Items]
Refinancing expenses and costs	$ 5,148,000	$ 3,279,000	$ 4,038,000
Term Loans for One 10000 TEU and four 14000 TEU Vessels [Member]
Deferred Costs And Other Assets [Line Items]
Refinancing expenses and costs	$ 5,148,000
Number of refinanced term loans | TermLoan	4

Deferred charges - Additional I

Deferred charges - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Refinancing expenses and costs	$ 5,148,000	$ 3,279,000	$ 4,038,000
Revolving Credit Facilities [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Agreement to extend and refinance revolving credit facility	$ 93,240,000		$ 1,000,000,000
Senior Unsecured Notes [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Refinancing expenses and costs		2,334,000
Leases for five 4500 TEU vessels [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Refinancing expenses and costs		$ 945,000

Other assets - Schedule of Othe

Other assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Equity investment in affiliate	[1]	$ 44,106	$ 19,555
Restricted cash		13,858	13,855
Intangible assets		2,471	2,525
Capital assets		2,288	1,579
Other		26,333	29,794
Other assets		$ 89,056	$ 67,308
[1]	On March 14, 2011, the Company entered into an agreement to participate in GCI, an investment vehicle established by an affiliate of The Carlyle Group. GCI will invest up to $900,000,000 equity capital in containership assets strategic to the People’s Republic of China, Taiwan, Hong Kong and Macau. The Company agreed to make a minority investment in GCI of up to $100,000,000 during the investment period, which is anticipated to be up to five years. The Company accounts for its 10.8% (2014 – 10.8%) investment in GCI using the equity method. The investment of $44,106,000 (2014 - $19,555,000) is comprised of the Company’s capital contribution of $40,852,000 (2014 – $21,408,000) and its cumulative equity income on investment of $3,254,000 (2014 – cumulative loss of $1,853,000).

Other assets - Schedule of Ot50

Other assets - Schedule of Other Assets (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 14, 2011
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Anticipated investment period (in years)	5 years
Capital contribution	$ 44,106,000	$ 19,555,000
Amount of equity income (loss) on investment	$ 3,254,000	$ (1,853,000)
GCI [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Percentage of investment in vehicle on equity method	10.80%	10.80%
Amount of investment comprised of capital contribution	$ 40,852,000	$ 21,408,000
Maximum [Member] | GCI [Member]
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Equity capital in containership assets			$ 900,000,000
Minority investment in vehicle during investment period			$ 100,000,000

Deferred revenue - Deferred Rev

Deferred revenue - Deferred Revenue (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Revenue Disclosure [Abstract]
Deferred revenue on time charters	$ 14,271	$ 21,889
Deferred interest on lease receivable	1,428	4,143
Other deferred revenue	9,230	8,982
Deferred revenue	24,929	35,014
Current portion	(22,199)	(27,671)
Deferred revenue	$ 2,730	$ 7,343

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long-term debt
Long-term debt	$ 3,387,195	$ 3,382,419
Current portion	(287,346)	(298,010)
Long-term debt Non Current	3,099,849	3,084,409
Revolving Credit Facilities [Member]
Long-term debt
Long-term debt	1,057,093	1,301,920
Term Loan Credit Facilities [Member]
Long-term debt
Long-term debt	1,985,102	1,735,499
Senior Unsecured Notes [Member]
Long-term debt
Long-term debt	$ 345,000	$ 345,000

Long-term debt - Schedule of 53

Long-term debt - Schedule of Long-Term Debt (Parenthetical) (Detail)	Apr. 03, 2014USD ($)Note$ / Note	Dec. 31, 2015USD ($)CreditFacility	Dec. 31, 2014USD ($)	Apr. 22, 2015USD ($)	Dec. 31, 2013USD ($)
Debt Instrument [Line Items]
Weighted average rate of interest, including the margin		4.50%	3.90%
Senior unsecured notes issued (note 8(c))			$ 345,000,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Interest rate on debt instrument	6.375%
Issuance of senior unsecured notes | Note	13,800,000
Debt instrument price per share | $ / Note	25
Senior unsecured notes issued (note 8(c))	$ 345,000,000
Notes, maturity date		Apr. 30, 2019
Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facilities, maximum aggregate borrowings		$ 2,216,352,000	2,075,499,000
Credit facilities, aggregate borrowings undrawn		$ 231,250,000	$ 340,000,000
Credit facility maturity start date		Dec. 11, 2016
Credit facility maturity end date		Jul. 6, 2025
Weighted average rate of interest, including the margin		3.00%	2.80%
Number of term loan credit facilities | CreditFacility		15
Terminated portion of term loan facility		$ 97,500,000
Term Loan payments, Description		The Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership or utilization date.
Term loan, outstanding principal		$ 90,000,000
Repayment of credit facility	$ 125,000,000
Term Loan Credit Facilities [Member] | Export-Import Bank Of Korea [Member]
Debt Instrument [Line Items]
Interest rate margin		0.70%
Term loan principal outstanding amount		$ 103,832,000
Minimum [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Commitment fee on undrawn amount		0.70%
Maximum [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Commitment fee on undrawn amount		0.80%
One Month LIBOR [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
LIBOR interest rate		0.30%	0.20%
LIBOR plus margin [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Credit facilities, maximum aggregate borrowings		$ 702,700,000
Interest rate description		interest is calculated as one month, three month or six month LIBOR plus a margin per annum
Debt instrument description		At December 31, 2015, the one month, three month and six month LIBOR was 0.3%, 0.5% and 0.5%, respectively (2014 – 0.2%, 0.2% and 0.3%, respectively) and the margins ranged between 0.4% and 4.8% (2014 – 0.4% and 4.8%).
Additional number of term loan credit facilities | CreditFacility		5
Amounts drawn under term loan facilities		$ 366,577,000
Term loan principal outstanding amount		$ 1,881,270,000
LIBOR plus margin [Member] | Minimum [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Interest rate margin		0.40%	0.40%
LIBOR plus margin [Member] | Maximum [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
Interest rate margin		4.80%	4.80%
Three Month LIBOR [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
LIBOR interest rate		0.50%	0.20%
Six Month LIBOR [Member] | Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
LIBOR interest rate		0.50%	0.30%
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of long-term revolving credit facilities | CreditFacility		4
Credit facilities, maximum aggregate borrowings		$ 1,227,115,000	$ 1,307,046,000
Credit facilities, aggregate borrowings undrawn		170,022,000	$ 5,126,000
Revolving credit facility amount outstanding		$ 93,240,000			$ 1,000,000,000
Credit facility maturity start date		Apr. 30, 2016
Credit facility maturity end date		Dec. 31, 2023
Interest rate description		Interest is calculated as one month LIBOR plus a margin per annum
Debt instrument description		At December 31, 2015, the one month LIBOR was 0.3% (2014 – one month and three month LIBOR 0.2%) and the margins ranged between 0.5% and 1.3% (2014 – 0.5% and 1.3%)
Weighted average rate of interest, including the margin		0.90%	0.80%
Description of the terms of a credit facility arrangement		The Revolver loan payments are made in semi-annual payments commencing six or thirty-six months after delivery of the associated newbuilding containership for the secured facilities
Revolving Credit Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate margin		0.50%	0.50%
Commitment fee on undrawn amount		0.20%
Revolving Credit Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate margin		1.30%	1.30%
Commitment fee on undrawn amount		0.40%
Revolving Credit Facilities [Member] | One Month LIBOR [Member]
Debt Instrument [Line Items]
LIBOR interest rate		0.30%
Revolving Credit Facilities [Member] | One and Three Month LIBOR [Member]
Debt Instrument [Line Items]
LIBOR interest rate			0.20%
Three Hundred And Sixty Four Day Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facilities, maximum aggregate borrowings				$ 200,000,000
Revolving credit facility amount outstanding		$ 35,000,000

Long-term debt - Schedule of Mi

Long-term debt - Schedule of Minimum Repayments for Balances Outstanding with Respect to Credit Facility (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long Term Debt	$ 3,387,195	$ 3,382,419
Term Loan Credit Facilities [Member]
Debt Instrument [Line Items]
2,016	188,557
2,017	178,682
2,018	221,427
2,019	373,893
2,020	301,669
Thereafter	720,874
Long Term Debt	1,985,102	1,735,499
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
2,016	98,789
2,017	104,183
2,018	65,923
2,019	197,320
2,020	53,281
Thereafter	537,597
Long Term Debt	$ 1,057,093	$ 1,301,920

Other long-term liabilities - S

Other long-term liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Long Term Liabilities [Abstract]
Long term obligations under capital lease	$ 342,767	$ 214,458
Deferred gain on sale-leasebacks	163,554	57,627
Other long-term liabilities	506,321	272,085
Current portion	(38,298)	(18,543)
Other long-term liabilities	$ 468,023	$ 253,542

Other long-term liabilities -56

Other long-term liabilities - Schedule of Other Long-Term Liabilities (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)Vessel	Dec. 31, 2014USD ($)Vessel	Dec. 31, 2013USD ($)
Other Long-Term Liabilities [Line Items]
Refinancing expenses and costs	$ 5,148,000	$ 3,279,000	$ 4,038,000
Weighted average rate of interest, including the margin	4.50%	3.90%
Number of vessels | Vessel	5	2
Carrying value of vessels being funded	$ 547,401,000	$ 315,600,000
Proceeds from sale-leaseback of vessels (note 9(c))	542,000,000	330,000,000
Deferred gain on sale-leasebacks	163,554,000	57,627,000
COSCO Pride - 13100 TEU vessel [Member]
Other Long-Term Liabilities [Line Items]
Financing from lessor	$ 144,185,000
Terms of leases	12 years
Lease payments include an interest component based on three month LIBOR plus margin percentage	2.60%
COSCO Pride - 13100 TEU vessel [Member] | Maximum [Member]
Other Long-Term Liabilities [Line Items]
Outstanding balance at end of lease term	$ 48,000,000
COSCO Faith - 13100 TEU vessel [Member]
Other Long-Term Liabilities [Line Items]
Financing from lessor	$ 109,000,000
Terms of leases	12 years
Lease payments include an interest component based on three month LIBOR plus margin percentage	3.00%
Amount of option to purchase the vessel from the lessor	$ 1
Leases for three 4500 TEU vessels [Member]
Other Long-Term Liabilities [Line Items]
Proceeds from lease financing arrangements in total	$ 150,000,000
Terms of leases	5 years
Leases for five 4500 TEU vessels [Member]
Other Long-Term Liabilities [Line Items]
Terms of leases (in years)	5 years
Amount of cash deposit account		60,000,000
Realized net gain on termination of leases		3,763,000
Refinancing expenses and costs		945,000
Term Loans for One 10000 TEU and four 14000 TEU Vessels [Member]
Other Long-Term Liabilities [Line Items]
Proceeds from sale-leaseback of vessels (note 9(c))	$ 542,000,000
Deferred gain on sale-leasebacks	$ 117,482,000
Sale leaseback transaction term description	Under the lease financing arrangements, the Company sold the vessels to the SPCs and is leasing the vessels back from the SPCs over an initial term of approximately 8.5 or 9.5 years, with an option to purchase the vessels at the end of the lease term for a pre-determined fair value purchase price. If the purchase option is not exercised, the lease terms will be automatically extended for an additional two or 2.5 years
Number of vessels under sales leaseback | Vessel	4
Term Loans for One 10000 TEU and four 14000 TEU Vessels [Member] | Maximum [Member]
Other Long-Term Liabilities [Line Items]
Terms of leases	9 years 6 months
Additional terms of leases	2 years 6 months
Total term lease period	12 years
Term Loans for One 10000 TEU and four 14000 TEU Vessels [Member] | Minimum [Member]
Other Long-Term Liabilities [Line Items]
Terms of leases	8 years 6 months
Additional terms of leases	2 years
Total term lease period	10 years 6 months
One 10000 TEU Newbuilding Vessel [Member]
Other Long-Term Liabilities [Line Items]
Number of vessels under sales leaseback | Vessel	1
Three 14000 TEU Newbuilding Vessels [Member]
Other Long-Term Liabilities [Line Items]
Number of vessels under sales leaseback | Vessel	3
Three 10000 TEU vessels [Member]
Other Long-Term Liabilities [Line Items]
Proceeds from sale-leaseback of vessels (note 9(c))		$ 330,000,000
Additional terms of leases		2 years
Deferred gain on sale-leasebacks		$ 59,055,000
Total term lease period		10 years 6 months
Terms of leases		8 years 6 months

Other long-term liabilities - B

Other long-term liabilities - Based on Maximum Amounts Funded Payments Under Leases Due to Lessors for All Five Vessels (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Other Long Term Liabilities [Abstract]
2,016	$ 36,898
2,017	39,812
2,018	40,156
2,019	40,526
2,020	128,970
Thereafter	122,314
Capital Leases, Future Minimum payments Due, Total	408,676
Less amounts representing interest	(65,909)
Capital Lease Obligation	$ 342,767

Share Capital - Additional Info

Share Capital - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Apr. 01, 2015	May. 22, 2014	Feb. 13, 2014	Nov. 08, 2013	Dec. 13, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Class Of Stock [Line Items]
Dividend reinvestment program discount rate percentage							3.00%
Proceeds from issuance of common shares, net								$ 4,245,000	$ 73,179,000
Value of stock repurchased							$ 12,303,000		8,950,000
Preferred shares, issued							23,673,403	24,170,531
Proceeds from issuance of preferred shares, net								$ 130,415,000	$ 47,862,000
Common Class B [Member]
Class Of Stock [Line Items]
Common shares, authorized							25,000,000	25,000,000
Common shares, outstanding							0
Class C common Shares [Member]
Class Of Stock [Line Items]
Common shares, authorized							100	100
Common shares, outstanding							0
Class A Common Shares [Member]
Class Of Stock [Line Items]
Common shares, authorized							200,000,000	200,000,000
Common shares, outstanding							98,622,160	96,662,928
Maximum sales proceeds from at the market offering			$ 75,000,000
Number of shares issued								206,600	3,500,000
Class A Common Shares [Member] | Rule 10b5-1 [Member]
Class Of Stock [Line Items]
Value of shares authorized for repurchase		$ 50,000,000
Expiration of share repurchase authorization		2018-03
Number of shares repurchased							944,524
Value of stock repurchased							$ 13,885,000
Class A Common Shares [Member] | At-the-Market [Member]
Class Of Stock [Line Items]
Proceeds from issuance of common shares, net								$ 4,733,000
Series C Preferred Shares [Member]
Class Of Stock [Line Items]
Value of shares authorized for repurchase										$ 150,000,000
Number of shares repurchased							343,757		334,469
Dividend rate percentage							9.50%
Redemption price per share							$ 25
Increase in dividend rate payable quarterly							1.25
Preferred shares, issued							13,321,774
Series C Preferred Shares [Member] | Prior to January 30, 2016 [Member]
Class Of Stock [Line Items]
Aggregate maximum dividend rate payable per annum							25.00%
Series C Preferred Shares [Member] | After January 30, 2016 [Member]
Class Of Stock [Line Items]
Aggregate maximum dividend rate payable per annum							30.00%
Series C Preferred Shares [Member] | Rule 10b5-1 [Member]
Class Of Stock [Line Items]
Value of shares authorized for repurchase	$ 75,000,000
Expiration of share repurchase authorization	2015-12
Series C Preferred Shares [Member] | Shares Repurchased Via Repurchase Plans [Member]
Class Of Stock [Line Items]
Number of shares repurchased							303,757
Value of stock repurchased							$ 7,660,000
Series C Preferred Shares [Member] | Open Market Repurchases [Member]
Class Of Stock [Line Items]
Number of shares repurchased							40,000
Value of stock repurchased							$ 1,020,000
Dividend rate percentage							9.50%
Repurchase price per share							$ 25.50
Series D Preferred Shares [Member]
Class Of Stock [Line Items]
Number of shares issued									2,000,000
Value of shares authorized for repurchase	$ 25,000,000
Number of shares repurchased							123,971
Value of stock repurchased							$ 2,929,000
Dividend rate percentage						7.95%
Redemption price per share							$ 25
Preferred shares, issued					2,000,000	3,105,000	4,981,029
Proceeds from issuance of preferred shares, net					$ 50,000,000	$ 77,625,000
Series D Preferred Shares [Member] | Rule 10b5-1 [Member]
Class Of Stock [Line Items]
Value of shares authorized for repurchase	$ 7,500,000
Expiration of share repurchase authorization	2015-12
Series E Preferred Shares [Member]
Class Of Stock [Line Items]
Number of shares issued								5,400,000
Value of shares authorized for repurchase	$ 25,000,000
Number of shares repurchased							29,400
Value of stock repurchased							$ 694,000
Dividend rate percentage				8.25%
Redemption price per share							$ 25
Preferred shares, issued				5,400,000			5,370,600
Proceeds from issuance of preferred shares, net				$ 135,000,000
Series E Preferred Shares [Member] | Rule 10b5-1 [Member]
Class Of Stock [Line Items]
Value of shares authorized for repurchase	$ 7,500,000
Expiration of share repurchase authorization	2015-12

Share Capital - Schedule of Pre

Share Capital - Schedule of Preferred Shares Outstanding (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Feb. 13, 2014	Nov. 08, 2013	Dec. 13, 2012
Class Of Stock [Line Items]
Preferred shares, authorized	150,000,000	150,000,000
Shares Issued	23,673,403	24,170,531
Series A Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	315,000
Series B Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	260,000
Series C Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	40,000,000
Shares Issued	13,321,774
Liquidation preference	$ 333,044	$ 341,638
Series D Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	20,000,000
Shares Issued	4,981,029			2,000,000	3,105,000
Liquidation preference	$ 124,526	127,625
Series E Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	15,000,000
Shares Issued	5,370,600		5,400,000
Liquidation preference	$ 134,265	$ 135,000
Series R Preferred Shares [Member]
Class Of Stock [Line Items]
Preferred shares, authorized	1,000,000

Earnings per share - Schedule o

Earnings per share - Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share Basic [Line Items]
Net earnings	$ 199,391	$ 131,247	$ 299,028
Earnings attributable to common shareholders	144,547	74,417	219,199
Convertible Series A preferred shares			38,390
Earnings attributable to common shareholders plus assumed conversion	$ 144,547	$ 74,417	$ 257,589
Earnings attributable to common shareholders, shares	99,217,000	93,402,000	65,273,000
Share-based compensation, shares	61,000	131,000	306,000
Contingent consideration, shares		117,000	567,000
Shares held in escrow			47,000
Convertible Series A preferred shares, shares			21,641,000
Earnings attributable to common shareholders plus assumed conversion, shares	99,278,000	93,650,000	87,834,000
Earnings attributable to common shareholders, per share amount	$ 1.46	$ 0.80	$ 3.36
Earnings attributable to common shareholders plus assumed conversion, per share amount	$ 1.46	$ 0.79	$ 2.93
Series C Preferred Shares [Member]
Earnings Per Share Basic [Line Items]
Dividends on preferred shares	$ (33,537)	$ (33,623)	$ (34,035)
Series C preferred share repurchases	(100)		(660)
Series D Preferred Shares [Member]
Earnings Per Share Basic [Line Items]
Dividends on preferred shares	(10,086)	(10,036)	(6,744)
Series E Preferred Shares [Member]
Earnings Per Share Basic [Line Items]
Dividends on preferred shares	$ (11,121)	(9,776)
Series A Preferred Shares [Member]
Earnings Per Share Basic [Line Items]
Dividends on preferred shares		$ (3,395)	$ (38,390)

Share-based compensation - Addi

Share-based compensation - Additional Information (Detail)	Mar. 27, 2013Trancheshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved for issuance under the plan | shares		3,000,000	2,000,000
Term of plan			10 years
Remaining shares left for issuance under this plan | shares		1,418,715	578,598
Share-based compensation expenses		$ 3,928,000	$ 7,701,000	$ 14,004,000
Total unrecognized compensation costs relating to unvested share-based compensation awards		$ 1,956,000	3,041,000
Expected to be recognized over a weighted average period		17 months
Granted, stock appreciation rights | shares				1,664,457
Share-based transaction fees capitalized to vessels		$ 4,753,000	3,662,000	$ 1,766,000
Transaction fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses incurred		9,506,000	7,323,000	3,532,000
Arrangement fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expenses incurred		8,627,000	4,520,000	6,631,000
Share-based arrangement fees capitalized to deferred financing fees		$ 4,314,000	2,260,000	2,666,000
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Total fair value of shares vested		$ 1,028,000	831,000	935,000
Total fair value of shares cancelled		$ 82,000	$ 0	$ 71,000
Granted, stock appreciation rights | shares		51,368	43,936	54,990
Phantom share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Outstanding phantom share units vested and available for exchange | shares		547,001	560,334
Granted, stock appreciation rights | shares		100,000	70,000	95,000
Stock appreciation rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, stock appreciation rights | shares	1,664,457			1,664,457
Number of tranches | Tranche	3
Stock appreciation rights (SARs) [Member] | Common Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention ownership percentage	50.00%
Stock appreciation rights (SARs) [Member] | March 27, 2013 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conditions for exercise of tranches		If the fair market value of the common shares equals or exceeds the applicable base price for each tranche for any 20 consecutive trading days on or before the expiration date of each tranche
Retention requirement description		The common shares received on the exercise of SARs are subject to a retention requirement where the Participant is required to retain ownership of 50% of the net after tax number of shares until the later of March 22, 2018 or 120 days after the exercise date
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Granted, stock appreciation rights | shares		38,142	72,314
Retention requirement description		The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant.
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expenses		$ 600,000	$ 600,000	$ 600,000

Share-based compensation - Summ

Share-based compensation - Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units (Detail) - $ / shares	Mar. 27, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted				1,664,457
Restricted shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Number of shares		43,936	48,880	63,653
Granted		51,368	43,936	54,990
Vested		(45,924)	(48,880)	(65,578)
Cancelled		(4,433)	0	(4,185)
Ending balance, Number of shares		44,947	43,936	48,880
Beginning balance, W.A. grant date FV		$ 22.57	$ 17.01	$ 14.17
Granted		18.39	22.57	17.01
Vested		22.39	17.01	14.25
Cancelled		18.39		17.01
Ending balance, W.A. grant date FV		$ 18.39	$ 22.57	$ 17.01
Phantom share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Number of shares		707,000	657,000	562,000
Granted		100,000	70,000	95,000
Exchanged		(110,000)	(20,000)
Cancelled		(49,999)
Ending balance, Number of shares		647,001	707,000	657,000
Beginning balance, W.A. grant date FV		$ 14.77	$ 14.02	$ 13.13
Granted		18.24	23.04	19.30
Exchanged		16.21	19
Cancelled		19.66
Ending balance, W.A. grant date FV		$ 14.73	$ 14.77	$ 14.02
Stock appreciation rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Number of shares		5,879,416	7,072,945	5,674,148
Granted	1,664,457			1,664,457
Exercised			(1,193,529)	(241,906)
Cancelled		(2,605)		(23,754)
Ending balance, Number of shares		5,876,811	5,879,416	7,072,945
Beginning balance, W.A. grant date FV		$ 2.30	$ 2.32	$ 2.03
Granted				3.51
Exercised			2.42	3.65
Cancelled		3.65		3.51
Ending balance, W.A. grant date FV		$ 2.30	$ 2.30	$ 2.32
Restricted stock units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Number of shares		35,076
Granted		38,142	72,314
Vested		(35,195)	(37,238)
Cancelled		(5,195)
Ending balance, Number of shares		32,828	35,076
Beginning balance, W.A. grant date FV		$ 23.03
Granted		20.21	$ 23.03
Vested		22.01	23.03
Cancelled		21.86
Ending balance, W.A. grant date FV		$ 21.03	$ 23.03

Share-based compensation - Sche

Share-based compensation - Schedule of Assumptions to Calculate Fair Value of Stock Appreciation Rights (Detail)	12 Months Ended
	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Average expected term	3 years 9 months 18 days
Expected volatility	39.73%
Dividend yield	4.97%
Average risk free rate	0.50%

Share-based compensation - Sc64

Share-based compensation - Schedule of Information about Three Tranches of SARs Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of SARs		1,664,457
Tranche 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base price	$ 21.50
Expiration date	Dec. 7, 2015
Number of SARs		531,885
Tranche 2 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base price	$ 24
Expiration date	Dec. 7, 2016
Number of SARs		556,946
Tranche 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base price	$ 26.50
Expiration date	Dec. 7, 2017
Number of SARs		575,626

Other information - Schedule of

Other information - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Due to related parties (note 3)	$ 1,765	$ 6,788
Accrued interest	19,841	20,723
Accounts payable and other accrued liabilities	54,780	37,697
Accounts payable and accrued liabilities, Total	$ 76,386	$ 65,208

Other information - Schedule 66

Other information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information [Line Items]
Interest paid on debt	$ 97,724	$ 91,450	$ 59,999
Interest received	10,853	1,211	1,265
Undrawn credit facility fee paid	2,865	3,512	1,656
Non-cash transactions:
Long-term debt for vessels under construction	77,625	8,300	54,080
Dividend reinvestment	38,862	64,697	31,961
Loan repayment for vessels under construction		29,680	6,560
Vessel reallocation		11,533
Fair value of financial instruments		50,278
Capital contribution through settlement of loans to affiliate	19,444	15,000
Arrangement and Transaction Fees [Member]
Non-cash transactions:
Arrangement and transaction fees (note 12)	$ 9,191	6,753	3,342
Series A Preferred Shares [Member]
Non-cash transactions:
Dividends on Series A preferred shares		$ 3,395	$ 38,390

Commitments and contingent ob67

Commitments and contingent obligations - Schedule of Future Minimum Revenues to be Received on Committed Agreements (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 869,010
2,017	805,062
2,018	794,182
2,019	765,268
2,020	724,742
Thereafter	1,981,112
Future minimum revenues receivable	$ 5,939,376

Commitments and contingent ob68

Commitments and contingent obligations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Leases [Line Items]
Percentage of future minimum revenues utilization	100.00%
Operating leases, future minimum payments due	$ 827,126,000
Vessels [Member]
Leases [Line Items]
Operating leases, future minimum payments due	$ 821,684,000
Operating leases, start year	2,016
Operating leases, expiration year	2,027
Office Space [Member]
Leases [Line Items]
Operating leases, future minimum payments due	$ 5,442,000
Operating leases, start year	2,016
Operating leases, expiration year	2,019

Commitments and contingent ob69

Commitments and contingent obligations - Schedule of Outstanding Commitments for Installment Payments for Vessels (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,016	$ 373,247
2,017	293,900
Purchase obligations for additional vessels	$ 667,147

Commitments and contingent ob70

Commitments and contingent obligations - Schedule of Commitment Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 76,993
2,017	77,932
2,018	78,180
2,019	78,415
2,020	79,130
Thereafter	436,476
Operating leases, future minimum payments due	$ 827,126

Concentrations - Schedule of Re

Concentrations - Schedule of Revenue Derived from Customers (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue, Major Customer [Line Items]
Revenue	$ 819,024	$ 717,170	$ 677,090
COSCON [Member]
Revenue, Major Customer [Line Items]
Revenue	298,658	303,357	301,842
CSCL Asia [Member]
Revenue, Major Customer [Line Items]
Revenue	125,900	126,399	134,434
MOL [Member]
Revenue, Major Customer [Line Items]
Revenue	105,676	65,633	52,997
Hapag Lloyd [Member]
Revenue, Major Customer [Line Items]
Revenue	98,811	77,675	65,463
K-Line [Member]
Revenue, Major Customer [Line Items]
Revenue	74,542	76,130	76,148
Other [Member]
Revenue, Major Customer [Line Items]
Revenue	$ 115,437	$ 67,976	$ 46,206

Financial instruments - Additio

Financial instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Carrying value, long-term debt	$ 3,387,195,000	$ 3,382,419,000
Fair value of other long-term liabilities, excluding deferred gains	346,138,000	217,134,000
Carrying value of other long-term liabilities, excluding deferred gains	342,767,000	214,458,000
Restricted cash	2,095,000	1,100,000
Estimated accumulated other comprehensive loss expected to be reclassified to net earnings	$ 3,963,000
Swaption Counterparty B [Member]
Derivative [Line Items]
Derivative, fixed interest rate	1.183%
Fixed per annum rate swapped for LIBOR	0.50%
Derivative, notional amount	$ 200,000,000
Effective date	Mar. 2, 2017
Ending date	Mar. 2, 2027
Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional amount on foreign exchange forward contract	$ 15,200,000	14,200,000
Fair value of financial instruments liability	1,260,000	638,000
Senior Unsecured Notes [Member]
Derivative [Line Items]
Fair value, long-term debt	335,340,000	342,240,000
Carrying value, long-term debt	345,000,000	345,000,000
Revolving and Term Loan Credit Facilities [Member]
Derivative [Line Items]
Fair value, long-term debt	2,999,746,000	2,911,330,000
Carrying value, long-term debt	$ 3,042,195,000	$ 3,037,419,000

Financial instruments - Schedul

Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
5.6400% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.64%
Derivative, notional amount	$ 694,987
Effective date	Aug. 31, 2007
Ending date	Aug. 31, 2017
5.6400% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 694,987
5.4200% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.42%
Derivative, notional amount	$ 438,462
Effective date	Sep. 6, 2007
Ending date	May 31, 2024
5.4200% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 438,462
5.9450% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.945%
Derivative, notional amount	$ 243,542
Effective date	Jan. 30, 2014
Ending date	May 31, 2019
5.9450% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 243,542
5.6000% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.60%
Derivative, notional amount	$ 162,400
Effective date	Jun. 23, 2010
Ending date	Dec. 23, 2021
5.6000% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 162,400
5.5950% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.595%
Derivative, notional amount	$ 95,500
Effective date	Aug. 28, 2009
Ending date	Aug. 28, 2020
5.5950% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 95,500
5.2600% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.26%
Derivative, notional amount	$ 95,500
Effective date	Jul. 3, 2006
Ending date	Feb. 26, 2021
5.2600% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 95,500
5.4975% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.4975%
Derivative, notional amount	$ 47,100
Effective date	Jul. 31, 2012
Ending date	Jul. 31, 2019
5.4975% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 47,100
5.1700% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.17%
Derivative, notional amount	$ 24,000
Effective date	Apr. 30, 2007
Ending date	May 29, 2020
5.1700% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 24,000
5.8700% [Member]
Derivative [Line Items]
Fixed per annum rate swapped for LIBOR	5.87%
Effective date	Aug. 31, 2017
Ending date	Nov. 28, 2025
5.8700% [Member] | Maximum [Member]
Derivative [Line Items]
Derivative, notional amount	$ 620,390

Financial instruments - Sched74

Financial instruments - Schedule of Derivatives (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Offsetting [Abstract]
Fair value of financial instruments asset	$ 33,632	$ 37,677
Fair value of financial instruments liability	$ 338,146	$ 395,443

Financial instruments - Sched75

Financial instruments - Schedule of Financial Instruments, Effect of the Master Netting Agreement (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative Instrument Detail [Abstract]
Derivative assets, Gross amounts of recognized assets and liabilities	$ 33,632	$ 37,677
Derivative liabilities, Gross amounts of recognized assets and liabilities	338,146	395,443
Net asset (liability)	(304,514)	(357,766)
Derivative assets, Amounts subject to master netting agreement	21,964	26,625
Derivative liabilities, Amounts subject to master netting agreement	21,964	26,625
Derivative assets, Net amount	11,668	11,052
Derivative liabilities, Net amount	316,182	368,818
Net asset (liability)	$ (304,514)	$ (357,766)

Financial instruments - Sched76

Financial instruments - Schedule of Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain/(Loss) on derivatives recognized in net earnings:
Change in fair value of financial instruments	$ (54,576)	$ (105,694)	$ 60,504
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Loss reclassified from AOCL to net earnings
Depreciation and amortization/Interest expense	(3,319)	(4,259)	(5,330)
Depreciation and Amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Loss reclassified from AOCL to net earnings
Depreciation and amortization/Interest expense	$ (1,078)	$ (1,052)	$ (882)

Subsequent events - Additional

Subsequent events - Additional Information (Detail) - USD ($)	Jan. 12, 2016	Jan. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Dividends, common stock			$ 144,553,000	$ 127,007,000	$ 76,340,000
Dividends distribution was paid in cash			105,691,000	62,310,000	44,379,000
Dividend reinvestment			38,862,000	64,697,000	31,961,000
Stock repurchased during period, value			$ 12,303,000		8,950,000
Common Shares [Member]
Subsequent Event [Line Items]
Dividends declared date			Jan. 12, 2016
Dividend reinvestment			$ 21,000	31,000	16,000
Series C Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares			$ 33,537,000	33,623,000	$ 34,035,000
Dividends declared date			Jan. 12, 2016
Stock repurchased during period, shares			343,757		334,469
Series D Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares			$ 10,086,000	10,036,000	$ 6,744,000
Dividends declared date			Jan. 12, 2016
Stock repurchased during period, shares			123,971
Stock repurchased during period, value			$ 2,929,000
Series E Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares			$ 11,121,000	$ 9,776,000
Dividends declared date			Jan. 12, 2016
Stock repurchased during period, shares			29,400
Stock repurchased during period, value			$ 694,000
Subsequent Events [Member]
Subsequent Event [Line Items]
Dividends on common share, per share	$ 0.375
Dividends, common stock	$ 36,889,000
Dividends distribution was paid in cash	$ 35,580,000
Subsequent Events [Member] | Common Shares [Member]
Subsequent Event [Line Items]
Dividends date paid	Feb. 1, 2016
Dividends date of record	Jan. 20, 2016
Dividend reinvestment	$ 1,309,000
Subsequent Events [Member] | Series C Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares, per share	$ 0.59375
Dividends date paid	Feb. 1, 2016
Dividends date of record	Jan. 29, 2016
Subsequent Events [Member] | Series D Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares, per share	$ 0.496875
Dividends date paid	Feb. 1, 2016
Dividends date of record	Jan. 29, 2016
Subsequent Events [Member] | Series E Preferred Shares [Member]
Subsequent Event [Line Items]
Dividends on preferred shares, per share	$ 0.515625
Dividends date paid	Feb. 1, 2016
Dividends date of record	Jan. 29, 2016
Subsequent Events [Member] | Series C, Series D, and Series E Preferred Share [Member]
Subsequent Event [Line Items]
Dividends on preferred shares	$ 13,154,000
Subsequent Events [Member] | Class A Common Shares [Member]
Subsequent Event [Line Items]
Stock repurchased during period, shares		545,570
Stock repurchased during period, value		$ 7,977,000