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STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended
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Mar. 31, 2015
Stockholders' Investment, Earnings Per Share and Accumulated Other Comprehensive Income [Abstract] |
STOCKHOLDERS' INVESTMENT AND COMPREHENSIVE INCOME | STOCKHOLDERS’ INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME Stockholders’ Investment Common Stock — The total number of authorized shares of Common Stock reserved as of March 31, 2015 was 4,133,008. These shares are reserved in connection with our stock-based compensation plans. The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2015 and 2014:
|  | Shares |  | Weighted Average Price Per Share
Outstanding as of March 31, 2013 |  | 36,150,639 |  |  |
Exercise of stock options |  | 433,608 |  |  | $ | 35.51 |
Issuance of restricted stock |  | 167,797 |  |  | 67.27 |
Repurchases of common stock |  | (1,043,875 | ) |  | 74.40 |
Other |  | 300 |  |  | 65.90 |
Outstanding as of March 31, 2014 |  | 35,708,469 |  |  |
Exercise of stock options |  | 114,145 |  |  | 45.31 |
Issuance of restricted stock |  | 176,609 |  |  | 73.73 |
Repurchases of common stock |  | (1,160,940 | ) |  | 69.63 |
Other |  | 91 |  |  | 67.47 |
Outstanding as of March 31, 2015 |  | 34,838,374 |  |  |
Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act, it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the Federal Aviation Administration (the “FAA”) and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. and an operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. only if, among other things, at least 75% of its voting interests are owned or controlled by U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any other requirements are not met, we have been advised that our aircraft may be subject to deregistration under the Federal Aviation Act, and we may lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct operations within our North America and Bristow Academy business units. Therefore, our organizational documents currently provide for the automatic suspension of voting rights of shares of our Common Stock owned or controlled by non-U.S. citizens, and our right to redeem those shares, to the extent necessary to comply with these requirements. As of March 31, 2015, approximately 2,752,000 shares of our Common Stock were held by persons with foreign addresses. These shares represented approximately 8% of our total outstanding common shares as of March 31, 2015. Our foreign ownership may fluctuate on each trading day because our Common Stock and our 3% Convertible Senior notes are publicly traded. Dividends — We paid quarterly dividends of $0.32 per share during each quarter of fiscal year 2015, $0.25 per share during each quarter of fiscal year 2014 and $0.20 per share during each quarter of fiscal year 2013. On May 15, 2015, our board of directors approved a dividend of $0.34 per share of Common Stock, payable on June 18, 2015 to shareholders of record on June 5, 2015. For fiscal years 2015, 2014 and 2013, we paid dividends totaling $45.1 million, $36.3 million and $28.7 million, respectively, to our stockholders. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments. Share Repurchases — During fiscal years 2015, 2014, and 2013, we repurchased 1,160,940, 1,043,875 and 24,709 of shares of our Common Stock for $80.8 million, $77.7 million and $1.2 million, respectively. As of May 15, 2015, we had $125.0 million of repurchase authority remaining from $150.0 million that was authorized by our board of directors for share repurchases between November 6, 2014 and November 5, 2015. We recorded the $80.8 million and $77.7 million payments as treasury stock on our consolidated balance sheets as of March 31, 2015 and 2014, respectively. Shares outstanding used to calculate earnings per share during fiscal years 2015, 2014 and 2013 reflect the repurchase of shares when they were delivered. Earnings per Share Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:
|  | Fiscal Year Ended March 31,
|  | 2015 |  | 2014 |  | 2013
Options: |  |  |  |  |  |
Outstanding |  | 682,800 |  |  | 297,595 |  |  | 469,289 |
Weighted average exercise price |  | $ | 69.04 |  |  | $ | 43.59 |  |  | $ | 43.88 |
Restricted stock awards: |  |  |  |  |  |
Outstanding |  | — |  |  | 7,416 |  |  | 171 |
Weighted average price |  | $ | — |  |  | $ | 70.90 |  |  | $ | 48.14 |
The following table sets forth the computation of basic and diluted earnings per share:
|  | Fiscal Year Ended March 31,
|  | 2015 |  | 2014 |  | 2013
Earnings (in thousands): |  |  |  |  |  |
Income available to common stockholders – basic |  | $ | 84,300 |  |  | $ | 186,737 |  |  | $ | 130,102 |
Interest expense on assumed conversion of 3% Convertible Senior Notes, net of tax (1) |  | — |  |  | — |  |  | — |
Income available to common stockholders – diluted |  | $ | 84,300 |  |  | $ | 186,737 |  |  | $ | 130,102 |
Shares: |  |  |  |  |  |
Weighted average number of common shares outstanding – basic |  | 35,193,480 |  |  | 36,283,853 |  |  | 36,010,191 |
Assumed conversion of 3% Convertible Senior Notes outstanding during the period (1) |  | — |  |  | — |  |  | — |
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method |  | 335,125 |  |  | 412,911 |  |  | 479,821 |
Weighted average number of common shares outstanding – diluted |  | 35,528,605 |  |  | 36,696,764 |  |  | 36,490,012 |
Basic earnings per common share |  | $ | 2.40 |  |  | $ | 5.15 |  |  | $ | 3.61 |
Diluted earnings per common share |  | $ | 2.37 |  |  | $ | 5.09 |  |  | $ | 3.57 |
_________________
(1) | Diluted earnings per common share for fiscal years 2015, 2014 and 2013 excludes a number of potentially dilutive shares determined pursuant to a specified formula initially issuable upon the conversion of our 3% Convertible Senior Notes. The 3% Convertible Senior Notes will be convertible, under certain circumstances, using a net share settlement process, into a combination of cash and our Common Stock. As of March 31, 2015, the base conversion price of the notes was approximately $73.07, based on the base conversion rate of 13.6849 shares of Common Stock per $1,000 principal amount of convertible notes (subject to adjustment in certain circumstances, including the payment of dividends). In general, upon conversion of a note, the holder will receive cash equal to the principal amount of the note and Common Stock to the extent of the note’s conversion value in excess of such principal amount. In addition, if at the time of conversion the applicable price of our Common Stock exceeds the base conversion price, holders will receive up to an additional 8.8952 shares of our Common Stock per $1,000 principal amount of notes, as determined pursuant to a specified formula. Such shares did not impact our calculation of diluted earnings per share for fiscal years 2015, 2014 and 2013 as our average stock price during these periods did not meet or exceed the conversion requirements. See Note 5 for further details.
Accumulated Other Comprehensive Income The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:
|  | Currency Translation Adjustments |  | Pension Liability Adjustments (1) |  | Total
Balance as of March 31, 2012 |  | $ | 30,350 |  |  | $ | (189,589 | ) |  | $ | (159,239 | )
Other comprehensive income before reclassification |  | (11,982 | ) |  | (33,418 | ) |  | (45,400 | )
Reclassified from accumulated other comprehensive income |  | — |  |  | 4,956 |  |  | 4,956 |
Net current period other comprehensive income |  | (11,982 | ) |  | (28,462 | ) |  | (40,444 | )
Foreign exchange rate impact |  | (3,679 | ) |  | 3,679 |  |  | — |
Balance at March 31, 2013 |  | 14,689 |  |  | (214,372 | ) |  | (199,683 | )
Other comprehensive income before reclassification |  | 19,810 |  |  | 17,063 |  |  | 36,873 |
Reclassified from accumulated other comprehensive income |  | — |  |  | 6,304 |  |  | 6,304 |
Net current period other comprehensive income |  | 19,810 |  |  | 23,367 |  |  | 43,177 |
Foreign exchange rate impact |  | 23,313 |  |  | (23,313 | ) |  | — |
Balance at March 31, 2014 |  | 57,812 |  |  | (214,318 | ) |  | (156,506 | )
Other comprehensive income before reclassification |  | (76,845 | ) |  | (42,301 | ) |  | (119,146 | )
Reclassified from accumulated other comprehensive income |  | — |  |  | 5,323 |  |  | 5,323 |
Net current period other comprehensive income |  | (76,845 | ) |  | (36,978 | ) |  | (113,823 | )
Foreign exchange rate impact |  | (20,033 | ) |  | 20,033 |  |  | — |
Balance at March 31, 2015 |  | $ | (39,066 | ) |  | $ | (231,263 | ) |  | $ | (270,329 | )
_________________ (1) Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost.

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