Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER COMMON SHARE

v3.19.2
EARNINGS (LOSS) PER COMMON SHARE
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER COMMON SHARE
EARNINGS (LOSS) PER COMMON 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 assume 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 of the Company for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands, except share and per share data):
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss) attributable to Era Group Inc.
 
$
4,940

 
$
(10,379
)
 
$
(1,003
)
 
$
(11,573
)
Less: Net income attributable to participating securities
 
148

 
—

 
—

 
—

Net income (loss) attributable to fully vested common stock
 
$
4,792

 
$
(10,379
)
 
$
(1,003
)
 
$
(11,573
)
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
21,448,115

 
21,199,280

 
21,386,058

 
21,199,688

Diluted(1)

 
21,448,115

 
21,199,280

 
21,386,058

 
21,199,688

Income (loss) per common share:
 
 
 
 
 
 
 
 
Income (loss) per common share, basic and diluted
 
$
0.22

 
$
(0.49
)
 
$
(0.05
)
 
$
(0.55
)
____________________
(1)
Excludes weighted average common shares of 203,612 and 211,094 for the three months ended June 30, 2019 and 2018, respectively, and 203,612 and 223,497 for the six months ended June 30, 2019 and 2018, 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. The share repurchase program has no expiration date and may be suspended or discontinued at any time without notice.
During the three months ended June 30, 2019, Era Group repurchased 800,168 shares of common stock in open market transactions for gross consideration of $6.0 million, which is an average cost per share of $7.55. After these repurchases, as of June 30, 2019, $16.9 million remained of the $25.0 million share repurchase program.
From July 1 through July 26, 2019, the Company repurchased 188,553 shares of common stock for gross consideration of $1.6 million, which is an average cost per share of $8.45. After these repurchases, $15.3 million remained of the $25.0 million share repurchase program.