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CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) - USD ($)
$ in Thousands
4 Months Ended 5 Months Ended 12 Months Ended
Jul. 31, 2017
Dec. 31, 2017
Mar. 31, 2017
Revenues:      
Vessel revenues   $ 171,884  
Other operating revenues   6,869  
Total revenues   178,753  
Costs and expenses:      
Vessel operating costs   120,502  
Costs of other operating revenues   3,792  
General and administrative   46,619  
Vessel operating leases   1,215  
Depreciation and amortization   20,337  
Gain on asset dispositions, net   (6,616)  
Asset impairments [1]   16,777  
Total costs and expenses   202,626  
Operating loss   (23,873)  
Other income (expenses):      
Foreign exchange loss   (407)  
Equity in net earnings of unconsolidated companies   2,130  
Interest income and other, net   2,771  
Reorganization items   (4,299)  
Interest and other debt costs, net   (13,009)  
Total other income (expenses)   (12,814)  
Loss before income taxes   (36,687)  
Income tax (benefit) expense   2,039  
Net loss   (38,726)  
Less: Net income attributable to noncontrolling interests   540  
Net loss attributable to Tidewater Inc.   $ (39,266)  
Basic loss per common share [2]   $ (1.82)  
Diluted loss per common share [3]   $ (1.82)  
Weighted average common shares outstanding [4]   21,539,143  
Adjusted weighted average common shares   21,539,143  
Predecessor      
Revenues:      
Vessel revenues $ 146,597   $ 583,816
Other operating revenues 4,772   17,795
Total revenues 151,369   601,611
Costs and expenses:      
Vessel operating costs 116,438   359,171
Costs of other operating revenues 2,348   12,729
General and administrative 41,832   145,879
Vessel operating leases 6,165   33,766
Depreciation and amortization 47,447   167,291
Gain on asset dispositions, net (3,561)   (24,099)
Asset impairments [1] 184,748   484,727
Total costs and expenses 395,417   1,179,464
Operating loss (244,048)   (577,853)
Other income (expenses):      
Foreign exchange loss (3,181)   (1,638)
Equity in net earnings of unconsolidated companies 4,786   5,710
Interest income and other, net 2,384   5,193
Reorganization items (1,396,905)    
Interest and other debt costs, net (11,179)   (75,026)
Total other income (expenses) (1,404,095)   (65,761)
Loss before income taxes (1,648,143)   (643,614)
Income tax (benefit) expense (1,234)   6,397
Net loss (1,646,909)   (650,011)
Less: Net income attributable to noncontrolling interests     10,107
Net loss attributable to Tidewater Inc. $ (1,646,909)   $ (660,118)
Basic loss per common share [2] $ (34.95)   $ (14.02)
Diluted loss per common share [3] $ (34.95)   $ (14.02)
Weighted average common shares outstanding [4] 47,121,330   47,071,066
Adjusted weighted average common shares 47,121,330   47,071,066
[1] 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.
[2] The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”.
[3] The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”.
[4] 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).