Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 17,021us-gaap_ProfitLoss $ 18,304us-gaap_ProfitLoss $ 7,747us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 46,312us-gaap_Depreciation 45,561us-gaap_Depreciation 42,502us-gaap_Depreciation
Amortization of deferred financing costs 931us-gaap_AmortizationOfFinancingCosts 610us-gaap_AmortizationOfFinancingCosts 1,663us-gaap_AmortizationOfFinancingCosts
Shared-based compensation 5,769us-gaap_ShareBasedCompensation 1,815us-gaap_ShareBasedCompensation 0us-gaap_ShareBasedCompensation
Debt discount amortization 251us-gaap_AmortizationOfDebtDiscountPremium 231us-gaap_AmortizationOfDebtDiscountPremium 15us-gaap_AmortizationOfDebtDiscountPremium
Note receivable impairment 2,457us-gaap_AssetImpairmentCharges 0us-gaap_AssetImpairmentCharges 0us-gaap_AssetImpairmentCharges
Bad debt expense, net 215us-gaap_ProvisionForDoubtfulAccounts 885us-gaap_ProvisionForDoubtfulAccounts 2,798us-gaap_ProvisionForDoubtfulAccounts
Gains on asset dispositions, net (6,101)us-gaap_GainLossOnDispositionOfAssets (18,301)us-gaap_GainLossOnDispositionOfAssets (3,612)us-gaap_GainLossOnDispositionOfAssets
Gain on sale of interest in equity investees (1,518)era_GainonInvestmentsandAdvancesfromFiftyPercentorLess 0era_GainonInvestmentsandAdvancesfromFiftyPercentorLess 0era_GainonInvestmentsandAdvancesfromFiftyPercentorLess
Derivative losses, net 944us-gaap_GainLossOnSaleOfDerivatives 104us-gaap_GainLossOnSaleOfDerivatives 490us-gaap_GainLossOnSaleOfDerivatives
Cash settlements on derivative transactions, net (471)era_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities (478)era_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities (419)era_PaymentsForProceedsFromDerivativeInstrumentOperatingActivities
Foreign currency gains (losses), net 1,089us-gaap_ForeignCurrencyTransactionGainLossRealized (698)us-gaap_ForeignCurrencyTransactionGainLossRealized (720)us-gaap_ForeignCurrencyTransactionGainLossRealized
Deferred 7,050us-gaap_DeferredIncomeTaxExpenseBenefit 7,136us-gaap_DeferredIncomeTaxExpenseBenefit 58,511us-gaap_DeferredIncomeTaxExpenseBenefit
Non-cash settlement of current tax benefit 0era_NoncashSettlementofCurrentTaxBenefit 0era_NoncashSettlementofCurrentTaxBenefit (50,000)era_NoncashSettlementofCurrentTaxBenefit
Equity earnings, including impairment, net of tax (1,157)us-gaap_IncomeLossFromEquityMethodInvestments (882)us-gaap_IncomeLossFromEquityMethodInvestments 5,528us-gaap_IncomeLossFromEquityMethodInvestments
Dividends received from equity investees 0us-gaap_EquityMethodInvestmentDividendsOrDistributions 0us-gaap_EquityMethodInvestmentDividendsOrDistributions (16)us-gaap_EquityMethodInvestmentDividendsOrDistributions
Changes in operating assets and liabilities:      
Decrease (increase) in receivables 6,228us-gaap_IncreaseDecreaseInReceivables 9,668us-gaap_IncreaseDecreaseInReceivables 320us-gaap_IncreaseDecreaseInReceivables
Decrease (increase) in prepaid expenses and other assets 802us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 1,250us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (2,153)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Increase (decrease) in accounts payable, accrued expenses and other liabilities (1,536)era_IncreaseDecreaseinAccountsPayableAccruedliabilitiesandOtherLiabilities (834)era_IncreaseDecreaseinAccountsPayableAccruedliabilitiesandOtherLiabilities (48,739)era_IncreaseDecreaseinAccountsPayableAccruedliabilitiesandOtherLiabilities
Net cash provided by operating activities 78,286us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 64,371us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 13,915us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:      
Purchases of property and equipment (106,732)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (110,105)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (112,986)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from disposition of property and equipment 7,051us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 65,151us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 5,188us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Cash settlements on forward contracts, net (1,545)us-gaap_PaymentsForDerivativeInstrumentInvestingActivities 0us-gaap_PaymentsForDerivativeInstrumentInvestingActivities 0us-gaap_PaymentsForDerivativeInstrumentInvestingActivities
Investments in and advances to equity investees (125)us-gaap_PaymentsToAcquireEquityMethodInvestments 0us-gaap_PaymentsToAcquireEquityMethodInvestments (10,627)us-gaap_PaymentsToAcquireEquityMethodInvestments
Proceeds from sale of interest in equity investees 6,381us-gaap_ProceedsFromSaleOfEquityMethodInvestments 0us-gaap_ProceedsFromSaleOfEquityMethodInvestments 0us-gaap_ProceedsFromSaleOfEquityMethodInvestments
Principal payments on notes due from equity investees 638us-gaap_PaymentsForProceedsFromOtherInvestingActivities 863us-gaap_PaymentsForProceedsFromOtherInvestingActivities 2,574us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Principal payments on third party notes receivable 460era_CashInflowAndOutflowFromNotesReceivable 632era_CashInflowAndOutflowFromNotesReceivable 1,086era_CashInflowAndOutflowFromNotesReceivable
Net cash used in investing activities (93,872)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (43,459)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (114,765)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt 284,622us-gaap_ProceedsFromIssuanceOfLongTermDebt
Proceeds from secured credit facility 30,000us-gaap_ProceedsFromLongTermLinesOfCredit 55,000us-gaap_ProceedsFromLongTermLinesOfCredit 0us-gaap_ProceedsFromLongTermLinesOfCredit
Long-term debt issuance costs (2,446)us-gaap_PaymentsOfDebtIssuanceCosts 0us-gaap_PaymentsOfDebtIssuanceCosts (4,754)us-gaap_PaymentsOfDebtIssuanceCosts
Payments on long-term debt (2,885)era_PaymentsOnLongTermDebtAndCapitalLeaseObligations (52,788)era_PaymentsOnLongTermDebtAndCapitalLeaseObligations (292,787)era_PaymentsOnLongTermDebtAndCapitalLeaseObligations
Issuance of Series B preferred stock 0us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock 0us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock 100,000us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
Settlement of Series B preferred stock 0us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock 0us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock (50,000)us-gaap_ProceedsFromRepurchaseOfRedeemablePreferredStock
Dividends paid on Series A preferred stock 0us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (4,953)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock (4,447)us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock
Proceeds and tax benefits from share award plans 1,458us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 527us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 0us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Proceeds from SEACOR on the settlement of stock options 0era_ProceedsfromSettlementofAffiliateStockOptions 706era_ProceedsfromSettlementofAffiliateStockOptions 0era_ProceedsfromSettlementofAffiliateStockOptions
Net cash provided by (used in) financing activities 26,127us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (1,508)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 32,634us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effects of exchange rate changes on cash and cash equivalents (1,009)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations 426us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations 599us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations
Net increase (decrease) in cash and cash equivalents 9,532us-gaap_NetCashProvidedByUsedInContinuingOperations 19,830us-gaap_NetCashProvidedByUsedInContinuingOperations (67,617)us-gaap_NetCashProvidedByUsedInContinuingOperations
Cash and cash equivalents, beginning of year 31,335us-gaap_CashAndCashEquivalentsAtCarryingValue 11,505us-gaap_CashAndCashEquivalentsAtCarryingValue 79,122us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of year $ 40,867us-gaap_CashAndCashEquivalentsAtCarryingValue $ 31,335us-gaap_CashAndCashEquivalentsAtCarryingValue $ 11,505us-gaap_CashAndCashEquivalentsAtCarryingValue