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Note 6 - Stockholders' Equity and Dilutive Equity Instruments | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Equity [Text Block] |
(6) | STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS
Earnings per share In recent years through the second quarter of 2022, we reported annual and quarterly losses from operations and reported basic and diluted losses per share based on the actual average shares of common stock outstanding during the relevant period. For the three and six months ended June 30, 2023, we reported net income from operations. Our fully diluted earnings per share for the three and six months ended June 30, 2023, 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 |
|  | June 30, 2023 |  |  | June 30, 2022 |
Balance at March 31, 2023 and 2022 |  | $ | 8,254 |  |  | $ | 2,471 |
Unrealized loss on note receivable |  |  | (184 | ) |  |  | (846 | )
Pension benefits recognized in OCI |  |  | (3,504 | ) |  |  | 138 |
Balance at June 30, 2023 and 2022 |  | $ | 4,566 |  |  | $ | 1,763 |
(In Thousands) |  | Six Months Ended |
|  | June 30, 2023 |  |  | June 30, 2022 |
Balance at December 31, 2022 and 2021 |  | $ | 8,576 |  |  | $ | 2,668 |
Unrealized loss on note receivable |  |  | (316 | ) |  |  | (846 | )
Pension benefits recognized in OCI |  |  | (3,694 | ) |  |  | (59 | )
Balance at June 30, 2023 and 2022 |  | $ | 4,566 |  |  | $ | 1,763 |
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 |  | June 30, 2023 |  |  | June 30, 2022 |
Common shares outstanding |  |  | 50,895,235 |  |  |  | 42,029,882 |
New creditor warrants (strike price $0.001 per common share) |  |  | 81,244 |  |  |  | 395,401 |
GulfMark creditor warrants (strike price $0.01 per common share) |  |  | 100,179 |  |  |  | 309,351 |
SPO acquisition warrants (strike price $0.001 per common share) |  |  | — |  |  |  | 8,100,000 |
Restricted stock units and stock options |  |  | 1,520,226 |  |  |  | 1,627,083 |
Total |  |  | 52,596,884 |  |  |  | 52,461,717 |
We also had “out-of-the-money” warrants outstanding exercisable for 5,923,399 shares of common stock at both June 30, 2023 and 2022. Included in these “out-of-the-money” warrants are (i) 2.4 million Series A Warrants, exercise price of $57.06, which have an expiration date of July 31, 2023; (ii) 2.6 million Series B Warrants, exercise price of $62.28, which have an expiration date of July 31, 2023; and (iii) 0.9 million GLF Equity Warrants, exercise price of $100.00, which expires 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. During July 2023, the Tidewater common stock price increased above the exercise price of the Series A Warrants. Prior to their expiration, 2.0 million Series A Warrants and Series B Warrants were exercised and 1.9 million shares of common stock was issued in exchange for $111.5 million in proceeds. The remaining 3.1 million unexercised Series A Warrants and Series B Warrants expired according to their terms on July 31, 2023.

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