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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Vessel revenues $ 87,494  
Other operating revenues [1] 3,999  
Total revenues 91,493  
Costs and expenses:    
Vessel operating costs 61,364  
Costs of other operating revenues 2,474  
General and administrative 23,565  
Depreciation and amortization 12,017  
Gain on asset dispositions, net (1,919)  
Asset impairments [2] 6,186  
Total costs and expenses 103,687  
Operating loss (12,194)  
Other income (expenses):    
Foreign exchange gain (loss) (348)  
Equity in net earnings (losses) of unconsolidated companies (15,439)  
Interest income and other, net (128)  
Interest and other debt costs, net (7,599)  
Total other income (expenses) (23,514)  
Loss before income taxes (35,708)  
Income tax expense 3,321  
Net loss (39,029)  
Less: Net income attributable to noncontrolling interests 143  
Net loss attributable to Tidewater Inc. $ (39,172)  
Basic loss per common share [3] $ (1.67)  
Diluted loss per common share [4] $ (1.67)  
Weighted average common shares outstanding [3] 23,424,943  
Adjusted weighted average common shares 23,424,943  
Predecessor    
Revenues:    
Vessel revenues   $ 156,905
Other operating revenues [1]   3,844
Total revenues   160,749
Costs and expenses:    
Vessel operating costs   80,845
Costs of other operating revenues   2,689
General and administrative   41,727
Vessel operating leases   8,443
Depreciation and amortization   37,592
Gain on asset dispositions, net   (6,064)
Asset impairments [2]   64,857
Total costs and expenses   230,089
Operating loss   (69,340)
Other income (expenses):    
Foreign exchange gain (loss)   664
Equity in net earnings (losses) of unconsolidated companies   2,841
Interest income and other, net   1,588
Interest and other debt costs, net   (21,008)
Total other income (expenses)   (15,915)
Loss before income taxes   (85,255)
Income tax expense   1,717
Net loss   (86,972)
Less: Net income attributable to noncontrolling interests   7,883
Net loss attributable to Tidewater Inc.   $ (94,855)
Basic loss per common share [3]   $ (2.01)
Diluted loss per common share [4]   $ (2.01)
Weighted average common shares outstanding [3]   47,080,783
Adjusted weighted average common shares   47,080,783
[1] Included in other operating revenues for the quarter ended March 31, 2017, were $0.3 million of revenues related to the company’s subsea business. The eight ROVs representing substantially all of the company’s subsea assets were sold in December 2017.
[2] Refer to Note (13) for additional information regarding asset impairment charges.
[3] Basic weighted average shares outstanding includes 108,044 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at March 31, 2018 (Successor). Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at March 31, 2018 were 23,988,075, 6,021,696 and 30,009,771, respectively.
[4] The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares of common stock, basic”.