XML 81 R16.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

EARNINGS PER SHARE | 12 Months Ended
--- | ---
Dec. 31, 2019
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding during the relevant periods. Diluted earnings per common share of the Company are computed based on the weighted average number of common shares issued and outstanding plus the effect of potentially dilutive securities through the application of the if-converted method and/or treasury method. Dilutive securities for this purpose assumes all common shares have been issued and outstanding during the relevant periods pursuant to the exercise of outstanding stock options. Computations of basic and diluted earnings per common share for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands, except share and per share data):
|  | 2019 |  | 2018 |  | 2017
Net income (loss) attributable to Era Group Inc. |  | $ | (3,593 | ) |  | $ | 13,922 |  |  | $ | (28,161 | )
Less: Net income attributable to participating securities |  | — |  |  | 307 |  |  | — |
Net income (loss) attributable to fully vested common stock |  | $ | (3,593 | ) |  | $ | 13,615 |  |  | $ | (28,161 | )
Shares: |  |  |  |  |  |
Weighted average number of common shares outstanding—basic |  | 21,009,362 |  |  | 21,167,550 |  |  | 20,760,530 |
Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(1) |  | 1,353 |  |  | 12,940 |  |  | — |
Weighted average number of common shares outstanding—diluted |  | 21,010,715 |  |  | 21,180,490 |  |  | 20,760,530 |
Earnings (loss) per common share: |  |  |  |  |  |
Basic |  | $ | (0.17 | ) |  | $ | 0.64 |  |  | $ | (1.36 | )
Diluted |  | $ | (0.17 | ) |  | $ | 0.64 |  |  | $ | (1.36 | )
_______________
(1) | Excludes weighted average common shares of 204,965, 218,844 and 273,255 for the years ended December 31, 2019, 2018 and 2017, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.
Share Repurchases. On August 14, 2014, the Company’s Board of Directors approved a share repurchase program authorizing up to $25.0 million of share repurchases. This plan has been suspended following the announcement noted below. During the year ended December 31, 2019, Era Group repurchased 988,721 shares of common stock in open market transactions for gross consideration of $7.6 million, which is an average cost per share of $7.72. As of December 31, 2019, $15.3 million remained of the $25.0 million share repurchase program. On January 24, 2020, the 2014 Board authorized repurchase program was suspended in connection with the entry into the merger agreement with Bristow Group Inc. (“Bristow”). The board has authorized a special stock repurchase program that would allow for the purchase of up to $10 million of its common stock from time to time and subject to market conditions on the open market or in privately negotiated transactions. The special repurchase program will commence as soon as practicable and will end upon the mailing of the joint proxy statement/prospectus for the merger.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration