| Schedule of earnings per share, basic and diluted |
Diluted earnings per common share excludes options to purchase common shares and restricted stock units and awards which were outstanding during the period but were anti-dilutive. The following table shows the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
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Three Months Ended September 30, |
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Six Months Ended September 30, |
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Successor |
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Predecessor |
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Successor |
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Predecessor |
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2020 |
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2019 |
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2020 |
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2019 |
Income (loss): |
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Net income (loss) attributable to Bristow Group Inc. |
$ |
(27,861 |
) |
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$ |
(162,974 |
) |
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$ |
43,616 |
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$ |
(332,220 |
) |
Less: PIK dividends (1)
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— |
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— |
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(12,039 |
) |
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— |
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Plus: Deemed contribution from conversion of preferred stock |
— |
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— |
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144,986 |
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— |
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Income available to common stockholders – basic |
$ |
(27,861 |
) |
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$ |
(162,974 |
) |
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$ |
176,563 |
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$ |
(332,220 |
) |
Less: Preferred stock adjustments |
— |
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— |
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(3,377 |
) |
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— |
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Income available to common stockholders – diluted |
$ |
(27,861 |
) |
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$ |
(162,974 |
) |
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$ |
173,186 |
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$ |
(332,220 |
) |
Shares: |
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Weighted average number of common shares outstanding – basic |
29,357,959 |
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35,918,916 |
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20,230,285 |
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35,918,916 |
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Net effect of dilutive stock options and restricted stock |
— |
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— |
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13,801,372 |
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— |
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Weighted average number of common shares outstanding – diluted(2)(3)
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29,357,959 |
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35,918,916 |
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34,031,657 |
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35,918,916 |
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Earnings per common share - basic |
$ |
(0.95 |
) |
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$ |
(4.54 |
) |
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$ |
8.73 |
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$ |
(9.25 |
) |
Earnings per common share - diluted |
$ |
(0.95 |
) |
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$ |
(4.54 |
) |
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$ |
5.09 |
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$ |
(9.25 |
) |
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(1) |
See “Stockholders’ Investment, Common Stock and Preferred Stock” above for further discussion on PIK dividends.
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(2) |
Excludes weighted average common shares of 1,280,592 and 4,003,039 for the three months ended September 30, 2020 (Successor) and 2019 (Predecessor), respectively, and 1,267,315 and 3,825,187 for the six months ended September 30, 2020 (Successor) and 2019 (Predecessor), respectively, for certain share awards as the effect of their inclusion would have been antidilutive. The Old Bristow Preferred Stock is not included on an if-converted basis under diluted earnings per common share as the conversion of the shares would have been anti-dilutive.
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(3)
Potentially dilutive shares issuable pursuant to the warrant transactions entered into concurrently with the issuance of the Combined Company’s 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted income per share for the three six months ended September 30, 2019, because to do so would have been anti-dilutive.
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| Schedule of accumulated other comprehensive income (loss) |
The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands):
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Successor |
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Currency Translation Adjustments |
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Pension Liability Adjustments (1)
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Unrealized gain (loss) on cash flow hedges (2)
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Total |
Balance as of March 31, 2020 |
$ |
(16,440 |
) |
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$ |
6,389 |
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$ |
1,410 |
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$ |
(8,641 |
) |
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Other comprehensive income (loss) before reclassification |
18,485 |
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|
— |
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(2,993 |
) |
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15,492 |
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Reclassified from accumulated other comprehensive income |
— |
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— |
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|
829 |
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829 |
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Net current period other comprehensive income (loss) |
18,485 |
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— |
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(2,164 |
) |
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16,321 |
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Foreign exchange rate impact |
(240 |
) |
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240 |
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— |
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— |
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Balance as of September 30, 2020 |
$ |
1,805 |
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$ |
6,629 |
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$ |
(754 |
) |
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$ |
7,680 |
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__________________________
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(1) |
Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost. |
(2)
Reclassification of amounts related to cash flow hedges were included as direct costs.
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