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Note 5 - Stockholders' Equity and Dilutive Equity Instruments
 9 Months Ended
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.