STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2018

(13)	STOCKHOLDERS’ EQUITY

Common Stock

The number of authorized and issued common stock and preferred stock are as follows:

	Successor
	December 31,		December 31,
	2018		2017
Common stock shares authorized		125,000,000		125,000,000
Common stock par value	$	0.001	$	0.001
Common stock shares issued		36,978,280		22,115,916
Preferred stock shares authorized		3,000,000		3,000,000
Preferred stock par value	No par		No par
Preferred stock shares issued		—		—

Common Stock Repurchases

No shares were repurchased during the twelve months ended December 31, 2018, the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the twelve months ended March 31, 2017.

Dividend Program

There were no dividends declared during the twelve months ended December 31, 2018, the period from August 1, 2017 through December 31, 2017, the period from April 1, 2017 through July 31, 2017 and the twelve months ended March 31, 2017.

Warrants

During 2017, we issued 11,543,814 New Creditor Warrants upon emergence from bankruptcy to General Unsecured Creditors and for unresolved sale leaseback claims. In addition, 2,432,432 Series A Warrants and 2,629,657 Series B Warrants were issued to the holders of Predecessor stock with exercise prices of $57.06 and $62.28, respectively. As of December 31, 2018, we had 2,220,857 shares of common stock issuable upon the exercise of the New Creditor Warrants. No Series A Warrants or Series B Warrants have been exercised.

In conjunction with the merger with GulfMark, approximately 2.3 million $0.01 Creditor Warrants (“GLF Creditor Warrants”) and approximately 0.8 million $100 Equity Warrants (“GLF Equity Warrants”) were assumed from GulfMark with each warrant becoming exercisable for 1.10 shares of Tidewater common stock on substantially the same terms and conditions as provided in the warrant agreements governing the GLF Creditor Warrants and the GLF Equity Warrants. As of December 31, 2018, we had 2,189,709 shares of common stock issuable upon the exercise of the GLF Creditor Warrants. No GLF Equity Warrants have been exercised.

Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income by component, net of tax, are as follows:

	Successor
	For the year ended December 31, 2018
(in thousands)	Balance at 12/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 12/31/18
Available for sale securities		256			(660	)		404			(256	)		—
Pension/Post-retirement benefits		(403	)		4,133			(1,536	)		2,597			2,194
Total		(147	)		3,473			(1,132	)		2,341			2,194

	Successor
	Period from August 1, 2017 through December 31, 2017
(in thousands)	Balance at 7/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 12/31/17
Available for sale securities		—			87			169			256			256
Pension/Post-retirement benefits		—			(403	)		—			(403	)		(403	)
Total		—			(316	)		169			(147	)		(147	)

	Predecessor
	Period from April 1, 2017 through July 31, 2017
(in thousands)	Balance at 3/31/17			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 7/31/17
Available for sale securities		(95	)		57			106			163			68
Currency translation adjustment		(9,811	)		—			—			—			(9,811	)
Pension/Post-retirement benefits		(438	)		(2,598	)		—			(2,598	)		(3,036	)
Total		(10,344	)		(2,541	)		106			(2,435	)		(12,779	)

	Predecessor
	For the year ended March 31, 2017
(in thousands)	Balance at 3/31/16			Gains/(losses) recognized in OCI			Reclasses from OCI to net income			Net period OCI			Remaining balance 3/31/17
Available for sale securities		(208	)		(265	)		378			113			(95	)
Currency translation adjustment		(9,811	)		—			—			—			(9,811	)
Pension/Post-retirement benefits		4,683			(5,121	)		—			(5,121	)		(438	)
Interest rate swap		(1,530	)		—			1,530			1,530			—
Total		(6,866	)		(5,386	)		1,908			(3,478	)		(10,344	)

The following table summarizes the reclassifications from accumulated other comprehensive loss to the consolidated statement of income:

	Successor					Predecessor
				Period from		Period from
	Twelve Months			August 1, 2017		April 1, 2017		Twelve Months
	Ended			through		through		Ended		Affected line item in the
(In thousands)	December 31, 2018			December 31, 2017		July 31, 2017		March 31, 2017		consolidated statements of income
Retiree medical plan	$	(1,536	)		—		—		—	Interest income and other, net
Realized gains on available for sale securities		404			169		106		582	Interest and other debt costs
Interest rate swap		—			—		—		2,353	Interest and other debt costs
Total pre-tax amounts		(1,132	)		169		106		2,935
Tax effect		—			—		—		1,027
Total gains for the period, net of tax	$	(1,132	)		169		106		1,908

During the year ended March 31, 2017, $1.3 million ($2.4 million pre-tax) of remaining other comprehensive loss related to the interest rate swap, entered into in July 2010 in connection with the September 2010 senior notes offering, was recognized as interest expense in accordance with ASC 815.