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Note 5 - Stockholders' Equity and Dilutive Equity Instruments
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

(5)

STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS

 

Earnings per share

 

For the three months ended March 31, 2025 and 2024, 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 and restricted stock units.

 

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

  
    March 31, 2025     March 31, 2024  

Balance at December 31, 2024 and 2023

   $ 6,060     $ 5,266  

Unrealized gain on note receivable

     —       80  

Pension benefits recognized in OCI

     547       (137 )

Balance at March 31, 2025 and 2024

   $ 6,607     $ 5,209  

 

Dilutive Equity Instruments

 

The following table presents the changes in the number of common shares, incremental “in-the-money” warrants and restricted stock units:

 

Total shares outstanding including warrants, restricted stock units and stock options

 

March 31, 2025

  

March 31, 2024

 

Common shares outstanding

  50,852,297   52,759,223 

New creditor warrants (strike price $0.001 per common share)

  76,175   81,244 

GulfMark creditor warrants (strike price $0.01 per common share)

  72,984   88,887 

Restricted stock units

  347,362   582,908 

Total

  51,348,818   53,512,262 

 

At  March 31, 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 expired November 14, 2024. No warrants or restricted stock units, 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

 

On February 27, 2025 our Board of Directors (Board) approved a new $90.3 million share repurchase program. During the three months ended March 31, 2025, we repurchased and retired 910,481 shares for approximately $39.3 million, excluding commissions and a 1% excise tax. Subsequent to the end of the quarter, during the month of April, we repurchased an additional 1,379,723 shares for approximately $50.8 million excluding commissions and a 1% excise tax. During 2024, our Board approved several share repurchase programs aggregating $90.7 million. During the year ended December 31, 2024, we repurchased and retired 1,384,186 shares for approximately $90.7 million, excluding commissions and a 1% excise tax.