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Note 5 - Stockholders' Equity and Dilutive Equity Instruments | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Equity [Text Block] |
(5) | STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS
Earnings per share For the three and nine months ended September 30, 2024 and 2023, we reported net income from operations. Our diluted earnings per share for 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 The following tables present the changes in accumulated other comprehensive income (OCI) by component, net of tax:
(In Thousands) |  | Three Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
Balance at June 30, 2024 and 2023 |  | $ | 5,062 |  |  | $ | 4,566 |
Unrealized gain (loss) on note receivable |  |  | 130 |  |  |  | (153 | )
Pension benefits recognized in OCI |  |  | (600 | ) |  |  | — |
Balance at September 30, 2024 and 2023 |  | $ | 4,592 |  |  | $ | 4,413 |
(In Thousands) |  | Nine Months Ended |
|  | September 30, 2024 |  |  | September 30, 2023 |
Balance at December 31, 2023 and 2022 |  | $ | 5,266 |  |  | $ | 8,576 |
Unrealized gain (loss) on note receivable |  |  | 283 |  |  |  | (469 | )
Pension benefits recognized in OCI |  |  | (957 | ) |  |  | (3,694 | )
Balance at September 30, 2024 and 2023 |  | $ | 4,592 |  |  | $ | 4,413 |
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, 2024 |  |  | September 30, 2023 |
Common shares outstanding |  |  | 52,322,461 |  |  |  | 52,839,862 |
New creditor warrants (strike price $0.001 per common share) |  |  | 76,175 |  |  |  | 81,244 |
GulfMark creditor warrants (strike price $0.01 per common share) |  |  | 77,313 |  |  |  | 95,835 |
Restricted stock units and stock options |  |  | 695,576 |  |  |  | 1,505,519 |
Total |  |  | 53,171,525 |  |  |  | 54,522,460 |
At September 30, 2024, we also had 782,993 “out-of-the-money” warrants outstanding and exercisable for 861,292 shares (based on a 1 warrant to a 1.1 share ratio) with an exercise price of $100.00, which expire November 14, 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 of which expired on 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 3.1 million unexercised Series A Warrants and Series B Warrants 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 per share calculations if the effect of such inclusion is antidilutive. Common Stock Repurchases In November 2023, we announced the approval by our Board of Directors (Board) to repurchase up to $35.0 million of our common stock. As of December 31, 2023, we had repurchased and retired 590,499 shares for approximately $35.0 million ($59.29 per share), excluding commissions and a 1% excise tax. On February 29, 2024, we announced our Board’s approval of a new $48.6 million share repurchase program. Further, on May 2, 2024, we announced the approval of an additional $18.1 million under this program, and on August 6, 2024, we announced the approval of an additional $13.9 million, for a total share repurchase capacity of $80.6 million. Under this new program, we repurchased and retired 520,082 shares for approximately $46.6 million ($89.65 per share), excluding commissions and a 1% excise tax, during the nine months ended September 30, 2024.

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