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Note 6 - Stockholders' Equity and Dilutive Equity Instruments | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Equity [Text Block] |
(6) | STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS
Earnings per share Until 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 months ended September 30, 2023 and 2022, and for the nine months ended September 30, 2023, we reported net income from operations. Our diluted earnings per share for the these periods is based on our weighted average common shares outstanding and is computed using the treasury stock method for 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, 2023 |  |  | September 30, 2022 |
Balance at June 30, 2023 and 2022 |  | $ | 4,566 |  |  | $ | 1,763 |
Unrealized loss on note receivable |  |  | (153 | ) |  |  | (429 | )
Pension benefits recognized in OCI |  |  | — |  |  |  | 140 |
Balance at September 30, 2023 and 2022 |  | $ | 4,413 |  |  | $ | 1,474 |
(In Thousands) |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |
Balance at December 31, 2022 and 2021 |  | $ | 8,576 |  |  | $ | 2,668 |
Unrealized loss on note receivable |  |  | (469 | ) |  |  | (1,275 | )
Pension benefits recognized in OCI |  |  | (3,694 | ) |  |  | 81 |
Balance at September 30, 2023 and 2022 |  | $ | 4,413 |  |  | $ | 1,474 |
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, 2023 |  |  | September 30, 2022 |
Common shares outstanding |  |  | 52,839,862 |  |  |  | 46,494,323 |
New creditor warrants (strike price $0.001 per common share) |  |  | 81,244 |  |  |  | 119,215 |
GulfMark creditor warrants (strike price $0.01 per common share) |  |  | 95,835 |  |  |  | 185,126 |
SPO acquisition warrants (strike price $0.001 per common share) |  |  | — |  |  |  | 4,003,299 |
Restricted stock units and stock options |  |  | 1,505,519 |  |  |  | 1,619,132 |
Total |  |  | 54,522,460 |  |  |  | 52,421,095 |
We also have “out-of-the-money” warrants outstanding exercisable for 861,310 shares of common stock at September 30, 2023 at an exercise price of $100.00, which expire in November 2024. Prior to August 1, 2023, we had outstanding Series A Warrants, exercise price of $57.06 and Series B Warrants, exercise price of $62.28, both with an expiration date of July 31, 2023. During July 2023, an aggregate of 2.0 million Series A Warrants and Series B Warrants were exercised and 1.9 million shares of common stock were issued in exchange for $111.5 million in cash proceeds. The remaining unexercised Series A Warrants and Series B Warrants, 3.1 million in the aggregate, expired according to their terms on July 31, 2023. 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.

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