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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($)
$ in Thousands
3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jul. 31, 2017
Dec. 31, 2017
Jun. 30, 2018
Jun. 30, 2017
Mar. 31, 2017
Revenues:              
Total revenues $ 105,601     $ 178,753 $ 197,094    
Costs and expenses:              
Vessel operating costs 68,012     120,502 129,376    
Costs of other operating revenues 642     3,792 3,116    
General and administrative 24,425     46,619 47,990    
Vessel operating leases       1,215      
Depreciation and amortization 12,785     20,337 24,802    
Gain on asset dispositions, net (1,338)     (6,616) (3,257)    
Asset impairments 1,215 [1]     16,777 [2] 7,401 [1]    
Total costs and expenses 105,741     202,626 209,428    
Operating loss (140)     (23,873) (12,334)    
Other income (expenses):              
Foreign exchange loss (1,002)     (407) (1,350)    
Equity in net earnings (losses) of unconsolidated companies 390     2,130 (15,049)    
Interest income and other, net 2,914     2,771 2,786    
Reorganization items       (4,299)      
Interest and other debt costs, net (7,547)     (13,009) (15,146)    
Total other income (expenses) (5,245)     (12,814) (28,759)    
Loss before income taxes (5,385)     (36,687) (41,093)    
Income tax (benefit) expense 5,797     2,039 9,118    
Net loss (11,182)     (38,726) (50,211)    
Less: Net income (loss) attributable to noncontrolling interests (242)     540 (99)    
Net loss attributable to Tidewater Inc. $ (10,940)     $ (39,266) $ (50,112)    
Basic loss per common share $ (0.44) [3]     $ (1.82) [4] $ (2.09) [3]    
Diluted loss per common share $ (0.44) [5]     $ (1.82) [6] $ (2.09) [5]    
Weighted average common shares outstanding 24,654,220 [7]     21,539,143 [8] 23,989,254 [7]    
Dilutive effect of stock options and restricted stock 0     0 0    
Adjusted weighted average common shares 24,654,220     21,539,143 23,989,254    
Vessel Revenues              
Revenues:              
Total revenues $ 104,174     $ 171,884 $ 191,668    
Other Operating Revenues              
Revenues:              
Total revenues $ 1,427 [9]     $ 6,869 $ 5,426 [9]    
Predecessor              
Revenues:              
Total revenues   $ 115,106 $ 151,369     $ 275,855 $ 601,611
Costs and expenses:              
Vessel operating costs   83,773 116,438     164,618 359,171
Costs of other operating revenues   1,585 2,348     4,274 12,729
General and administrative   33,059 41,832     74,786 145,879
Vessel operating leases   5,542 6,165     13,985 33,766
Depreciation and amortization   36,287 47,447     73,879 167,291
Gain on asset dispositions, net   (3,189) (3,561)     (9,253) (24,099)
Asset impairments   163,423 [1] 184,748 [2]     228,280 [1] 484,727 [2]
Total costs and expenses   320,480 395,417     550,569 1,179,464
Operating loss   (205,374) [10] (244,048)     (274,714) (577,853)
Other income (expenses):              
Foreign exchange loss   (1,157) (3,181)     (493) (1,638)
Equity in net earnings (losses) of unconsolidated companies   4,517 4,786     7,358 5,710
Interest income and other, net   1,680 2,384     3,268 5,193
Reorganization items   (313,176) (1,396,905)     (313,176)  
Interest and other debt costs, net   (10,605) (11,179)     (31,613) (75,026)
Total other income (expenses)   (318,741) (1,404,095)     (334,656) (65,761)
Loss before income taxes   (524,115) (1,648,143)     (609,370) (643,614)
Income tax (benefit) expense   295 (1,234)     2,012 6,397
Net loss   (524,410) (1,646,909)     (611,382) (650,011)
Less: Net income (loss) attributable to noncontrolling interests   24       7,907 10,107
Net loss attributable to Tidewater Inc.   $ (524,434) $ (1,646,909)     $ (619,289) $ (660,118)
Basic loss per common share   $ (11.13) [3] $ (34.95) [4]     $ (13.15) [3] $ (14.02) [4]
Diluted loss per common share   $ (11.13) [5] $ (34.95) [6]     $ (13.15) [5] $ (14.02) [6]
Weighted average common shares outstanding   47,121,304 [7] 47,121,330 [8]     47,101,155 [7] 47,071,066 [8]
Dilutive effect of stock options and restricted stock   0 0     0 0
Adjusted weighted average common shares   47,121,304 47,121,330     47,101,155 47,071,066
Predecessor | Vessel Revenues              
Revenues:              
Total revenues   $ 112,257 $ 146,597     $ 269,162 $ 583,816
Predecessor | Other Operating Revenues              
Revenues:              
Total revenues   $ 2,849 [9] $ 4,772     $ 6,693 [9] $ 17,795
[1] Refer to Note (14) for additional information regarding asset impairment.
[2] The period August 1, 2017 through December 31, 2017 and the year ended March 31, 2017 included $2.3 million and $2.2 million, respectively, of impairments related to inventory and other non-vessel assets.
[3] Tidewater calculates "Loss per share, basic" by dividing "Net loss available to common shareholders" by "Weighted average outstanding shares of common stock, basic".
[4] The Company calculates "Loss per share, basic" by dividing "Net loss available to common shareholders" by "Weighted average outstanding share of common stock, basic".
[5] Tidewater calculates "Loss per share, diluted" by dividing "Net loss available to common shareholders" by "Weighted average common stock and equivalents".
[6] The Company calculates "Loss per share, diluted" by dividing "Net loss available to common shareholders" by "Weighted average common stock and equivalents".
[7] Common shares and new creditor warrants and the sum of common shares and New Creditor Warrants outstanding at June 30, 2018, were 26,085,274, 3,924,441 and 30,009,715, respectively.
[8] Basic weighted average shares outstanding includes 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2017 (Successor).
[9] Included in other operating revenues for the quarter and six months ended June 30, 2017, were $0.5 million and $0.8 million, respectively, 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.
[10] Operating income consists of revenues less operating costs and expenses, depreciation, vessel operating leases, goodwill impairment, restructuring charges, asset impairments, general and administrative expenses and gain on asset dispositions, net, of Tidewater's operations. Asset impairments, net, are as follows: