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