Years Ended December 31,
2016 2015 2014 2013 2012
(in thousands of U.S. $, except number of shares, per common share data, fleet and other financial data)
Statement of Operations Data: (1)
Total operating revenues 80,257 102,674 106,155 99,828 410,345
Vessel operating expenses 53,163 56,347 49,570 43,750 86,672
Voyage and charter-hire expenses 36,423 69,042 27,340 14,259 9,853
Voyage, charter-hire and commission expenses - collaborative arrangement 11,140 - - - -
Total operating expenses 221,364 234,604 146,488 118,332 207,562
Gain on disposals to Golar Partners - 102,406 43,287 82,270 -
Operating (loss) income (141,091) (36,380) (2,116) 63,766 202,756
Total other non-operating income (8,615) (27) 272 (2,482) 857,929
Net financial expenses (income) 59,541 174,619 87,852 (41,768) 42,868
(Loss) income before equity in net earnings (losses) of affiliates, income taxes and non-controlling interests (209,247) (211,026) (89,696) 103,052 1,017,817
Net (loss) income (160,780) (151,988) (46,362) 109,555 1,012,162
Net (loss) income attributable to the shareholders of Golar LNG Ltd (186,531) (171,146) (48,017) 109,555 969,022
(Loss) earnings per common share
- basic (2) (1.99) (1.83) (0.55) 1.36 12.09
- diluted (2) (1.99) (1.83) (0.55) 1.28 11.66
Cash dividends declared and paid per common share 0.60 1.35 1.80 1.35 1.93
Balance Sheet Data (as of end of year):
Cash and cash equivalents 224,190 105,235 191,410 125,347 424,714
Restricted cash and short-term deposits (3) 183,525 228,202 74,162 23,432 1,551
Assets held-for-sale 271,307 267,034 280,746 - -
Long-term restricted cash (3) 232,335 180,361 425 3,111 -
Investments in affiliates 648,780 541,565 746,263 766,024 903,322
Newbuildings - 13,561 344,543 767,525 435,859
Asset under development 731,993 501,022 345,205 - -
Vessels and equipment, net 1,883,066 2,336,144 1,648,888 811,715 573,615
Total assets 4,256,911 4,269,198 3,899,742 2,591,666 2,401,963
Current portion of long-term debt, 451,454 491,398 112,853 29,305 14,400
Liabilities held-for-sale 209,296 201,213 160,192 - -
Long-term debt (including related party debt) 1,320,599 1,344,509 1,241,133 663,239 486,442
Total equity 1,909,826 1,916,179 2,237,422 1,771,727 1,755,947
Common shares outstanding (2) (in thousands) 101,081 93,547 93,415 80,580 80,504
Cash Flow Data (1):
Net cash (used in) provided by operating activities (38,551) (344,649) 24,873 67,722 233,810
Net cash used in investing activities (2,222) (255,956) (1,429,270) (533,067) (290,700)
Net cash provided by financing activities 159,728 514,430 1,470,460 165,978 414,691
Fleet Data (unaudited)
Number of vessels at end of year 15 17 13 7 6
Average number of vessels during year 15.0 14.0 8.8 5.5 12.6
Average age of vessels (years) 11.7 9.7 10.8 18.7 25.4
Total calendar days for fleet 5,864 5,647 2,133 2,012 4,615
Total operating days for fleet (4) 4,034 4,481 2,059 1,501 3,684
Other Financial Data (unaudited):
Average daily time charter equivalent earnings, or TCE (5) (to the closest $100) $ 10,100 $ 14,900 $ 33,100 $ 38,300 $ 94,200
Average daily vessel operating costs (6) $ 10,359 $ 11,783 $ 23,240 $ 21,745 $ 18,780

(1) From the initial public offering of our former subsidiary, Golar Partners, in April 2011, or the IPO, until the time of the first annual general meeting of unitholders of Golar Partners, or the AGM, on December 13, 2012, pursuant to the partnership agreement of Golar Partners, we retained the sole power to appoint, remove and replace all of the members of the Partnership's board of directors. Accordingly, Golar Partners was treated as our controlled subsidiary and Golar Partners' results were consolidated with the results of the Company. From the first AGM held by Golar Partners, the majority of the Partnership's board members became electable by the common unitholders, and from such date, we no longer retained the power to control the board of directors and hence the Partnership and accordingly, we deconsolidated Golar Partners and its subsidiaries from our consolidated financial statements. As a result, from December 13, 2012, Golar Partners has been considered our affiliate entity. The deconsolidation of Golar Partners resulted in a gain of $854 million recognized in 2012.

A summary of the key significant changes in our financial results, as a consequence of the deconsolidation, include:

  • A decrease in operating income and individual line items therein, in relation to Golar Partner’s fleet; and
  • A decrease in net financial expense in respect of Golar Partner’s debt and capital lease obligations, net of restricted cash deposits.

Offset by recognition of:

  • Gains on disposals to Golar Partners;
  • Management fee income from the provision of services to Golar Partners under each of the management and administrative services and the fleet management agreements; and
  • Equity in net earnings of affiliates, will change to reflect our share of the results of Golar Partners calculated with respect to our various interests in its subordinated units only, but offset by a charge for the amortization of the basis difference in relation to the $854 million gain on loss of control.

(2) Basic earnings per share are calculated based on the income available to common shareholders and the weighted average number of our common shares outstanding. Treasury shares are not included in this calculation. The calculation of diluted earnings per share assumes the conversion of potentially dilutive instruments.

(3) Restricted cash consists of bank deposits, which may only be used to settle certain pre-arranged loans or lease payments or deposits made in accordance with our contractual obligations under our equity swap line facilities, letter of credit facilities in connection with our tolling agreement, bid or performance bonds for projects we may enter. Short-term deposits represents highly liquid deposits placed with financial institutions, primarily from our consolidated VIEs, which are readily convertible into known amounts of cash with original maturities of less than 12 months.

(4) The total operating days for our fleet is the total number of days in a given period that our vessels were in our possession less the total number of days off-hire. We define days off-hire as days lost to, among other things, operational deficiencies, drydocking for repairs, maintenance or inspection, scheduled lay-up, vessel conversions, equipment breakdowns, special surveys and vessel upgrades, delays due to accidents, crewing strikes, certain vessel detentions or similar problems, or our failure to maintain the vessel in compliance with its specifications and contractual standards or to provide the required crew, or periods of commercial waiting time during which we do not earn charter hire.

(5) Non-U.S. GAAP Financial Measure: Time charter equivalent, or TCE, rate is a measure of the average daily performance of a vessel. This is calculated by dividing time and voyage charter revenues, less any voyage expenses, by the number of calendar days minus days for scheduled off-hire. Under a time charter, the charterer pays substantially all of the vessel voyage related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during drydocking. TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a company's performance despite changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. We include average daily TCE rate, a non-U.S. GAAP measure, as we believe it provides additional meaningful information in conjunction with total operating revenues, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies.

(6) We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days. Calendar days exclude those from vessels chartered in where the vessel operating costs are borne by the legal owner, and those of vessels undergoing conversion.