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Note 5 - Stockholders' Equity and Dilutive Equity Instruments
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

(5)

STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS

 

Earnings per share

 

For the nine months ended September 30, 2025 and 2024, and for the three months ended September 30, 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.

 

For the three months ended September 30, 2025, we reported a net loss from operations. Our basic and diluted earnings per share for this quarter are based on our weighted average common shares outstanding.

 

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, 2025  September 30, 2024 

Balance at June 30, 2025 and 2024

 $7,273  $5,062 

Unrealized gain on note receivable

  —   130 

Pension benefits recognized in OCI

  621   (600)

Balance at September 30, 2025 and 2024

 $7,894  $4,592 

 

(In Thousands)

 

Nine Months Ended

 
  

September 30, 2025

  

September 30, 2024

 

Balance at December 31, 2024 and 2023

 $6,060  $5,266 

Unrealized gain on note receivable

  —   283 

Pension benefits recognized in OCI

  1,834   (957)

Balance at September 30, 2025 and 2024

 $7,894  $4,592 

 

Dilutive Equity Instruments

 

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

 

Total shares outstanding including warrants and restricted stock units

 

September 30, 2025

  

September 30, 2024

 

Common shares outstanding

  49,562,017   52,322,461 

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

  21,400   76,175 

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

  53,555   77,313 

Restricted stock units

  600,759   695,576 

Total

  50,237,731   53,171,525 

 

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 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 $90.3 million share repurchase program, and then on August 1, 2025, our Board approved a new $500.0 million share repurchase program. During the nine months ended September 30, 2025, we repurchased and retired 2,290,204 shares for approximately $90.0 million, excluding commissions and a 1% excise tax. No shares were repurchased during the three months ended September 30, 2025. 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.