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Note 6 - Stockholders' Equity and Dilutive Equity Instruments | 9 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Stockholders' Equity Note Disclosure [Text Block] |
(6) | STOCKHOLDERS' EQUITY AND DILUTIVE EQUITY INSTRUMENTS
Earnings per share We have recently reported annual and quarterly losses from operations and have reported basic and diluted losses per share based on the actual average shares of common stock outstanding during the relevant period. For the quarter ended September 30, 2022, we reported net income from operations. Our fully diluted earnings per share for the three months ended September 30, 2022, is based on our weighted average common shares outstanding plus the common stock equivalent of our outstanding “in-the-money” warrants, restricted stock units and stock options. Accumulated Other Comprehensive Income (Loss) The following tables present the changes in accumulated other comprehensive income (loss) (OCI) by component, net of tax:
(In Thousands) |  | Three Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |
Balance at June 30, 2022 and 2021 |  | $ | 1,763 |  |  | $ | (1,082 | )
Unrealized loss on note receivable |  |  | (429 | ) |  |  | — |
Pension benefits recognized in OCI |  |  | 140 |  |  |  | (207 | )
Balance at September 30, 2022 and 2021 |  | $ | 1,474 |  |  | $ | (1,289 | )
(In Thousands) |  | Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2021 |
Balance at December 31, 2021 and 2020 |  | $ | 2,668 |  |  | $ | (804 | )
Unrealized loss on note receivable |  |  | (1,275 | ) |  |  | — |
Pension benefits recognized in OCI |  |  | 81 |  |  |  | (485 | )
Balance at September 30, 2022 and 2021 |  | $ | 1,474 |  |  | $ | (1,289 | )
Dilutive Equity Instruments The following table presents the changes in the number of common shares, incremental "in-the-money" warrants, restricted stock units and stock options outstanding:
Total shares outstanding including warrants, restricted stock units and stock options |  | September 30, 2022 |  |  | September 30, 2021 |
Common shares outstanding |  |  | 46,494,323 |  |  |  | 41,277,377 |
New creditor warrants (strike price $0.001 per common share) |  |  | 119,215 |  |  |  | 635,663 |
GulfMark creditor warrants (strike price $0.01 per common share) |  |  | 185,126 |  |  |  | 565,155 |
SPO acquisition warrants (strike price $0.001 per common share) (A) (B) (C) |  |  | 4,003,299 |  |  |  | — |
Restricted stock units and stock options |  |  | 1,619,132 |  |  |  | 1,447,957 |
Total |  |  | 52,421,095 |  |  |  | 43,926,152 |
We also had “out-of-the-money” warrants outstanding exercisable for 5,923,399 shares of common stock at both September 30, 2022 and 2021. Included in these “out-of-the-money” warrants are Series A Warrants, exercise price of $57.06, expiring in July 2023, Series B Warrants, exercise price of $62.28, expiring in July 2023, and GLF Equity Warrants, exercise price of $100.00, expiring in November 2024. No warrants, restricted stock units or stock options, whether in the money or out of the money, are included in our earnings (loss) per share calculations if the effect of such inclusion is antidilutive.
(A) | The Share Purchase Agreement (SPA) to acquire SPO included a provision under which Banyan agreed to indemnify us for certain liabilities and could settle these liabilities, at their option, with cash or the surrender of SPO acquisition warrants. This provision caused the SPO acquisition warrants to be classified as liabilities, which requires a mark-to-market valuation primarily based on the change in our share price at each reporting period. Absent this provision, the SPO acquisition warrants would have been classified as equity in our balance sheet with the value included in additional paid in capital. On June 24, 2022, we amended the SPA (SPA Amendment) to require our consent before Banyan could surrender the SPO acquisition warrants to satisfy any indemnity liabilities. As such, on June 24, 2022, we reclassified the SPO acquisition warrants from liabilities to additional paid in capital, at the adjusted amount of $176.8 million, and recognized a non-cash loss totaling $14.2 million due to the mark-to-market adjustment of the SPO acquisition warrants, calculated using the closing share price of our common stock on June 24, 2022 of $21.83, less the closing share price of our common stock of $20.08 on the SPO Closing Date.
(B) | Under the indemnification provisions of the SPA and the SPA Amendment, Banyan requested that we allow them to settle approximately $1.0 million in indemnified liabilities by surrendering the equivalent value in SPO acquisition warrants. We granted Banyan’s request, and during the third quarter of 2022, settled the agreed upon indemnification liability in exchange for the surrender of 48,701 SPO acquisition warrants that we subsequently cancelled.
(C) | During the third quarter of 2022, Banyan requested and we agreed to undergo a public stock offering to facilitate the Company’s redemption of a portion of the SPO acquisition warrants. On August 12, 2022, we completed a registered public offering for 4,048,000 shares of our common stock at an offering price of $17.85 per share (the Offering), resulting in gross proceeds, before underwriting and offering expenses, of approximately $72.3 million. The offering was conducted pursuant to our Registration Statement on Form S-3, File No. 333-234686, including a prospectus relating to our shelf securities dated July 20, 2021, as supplemented by the preliminary and final prospectus supplements relating to the Offering, dated August 9, 2022, filed with the SEC. We used the net proceeds from the Offering, totaling $70.6 million (after expenses), to redeem from Banyan 4,048,000 SPO acquisition warrants, which we subsequently cancelled.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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