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Note 6 - Stockholders' Equity and Dilutive Equity Instruments
 6 Months Ended
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.