| Schedule of earnings per share, basic and diluted |
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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2021 |
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2020 |
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2021 |
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2020 |
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Income (loss): |
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Net income (loss) attributable to Bristow Group Inc. |
$ |
2,775 |
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$ |
(27,861) |
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$ |
(11,422) |
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$ |
43,616 |
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Less: PIK dividends (1)
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— |
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— |
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— |
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(12,039) |
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Plus: Deemed contribution from conversion of preferred stock |
— |
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— |
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— |
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144,986 |
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Income (loss) available to common stockholders – basic |
$ |
2,775 |
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$ |
(27,861) |
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$ |
(11,422) |
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$ |
176,563 |
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Add: PIK dividends |
— |
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— |
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— |
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12,039 |
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Less: Changes in fair value of preferred stock derivative liability |
— |
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— |
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— |
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(15,416) |
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Income (loss) available to common stockholders – diluted |
$ |
2,775 |
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$ |
(27,861) |
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$ |
(11,422) |
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$ |
173,186 |
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Shares: |
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Weighted average number of common shares outstanding – basic |
28,233,527 |
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29,357,959 |
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28,844,633 |
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20,230,285 |
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Net effect of dilutive preferred stock |
— |
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— |
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— |
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13,801,372 |
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Effect of dilutive stock options and restricted stock |
451,133 |
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— |
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— |
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— |
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Weighted average number of common shares outstanding – diluted(2)
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28,684,660 |
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29,357,959 |
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28,844,633 |
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34,031,657 |
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Earnings (losses) per common share - basic |
$ |
0.10 |
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$ |
(0.95) |
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$ |
(0.40) |
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$ |
8.73 |
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Earnings (losses) per common share - diluted |
$ |
0.10 |
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$ |
(0.95) |
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$ |
(0.40) |
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$ |
5.09 |
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___________________________
(1)See Note 6 and discussion below for further details on PIK dividends and changes in fair value of preferred stock derivative liability.
(2)Excludes weighted average common shares of 1,143,686 and 1,280,592 for the three months ended September 30, 2021 and 2020, respectively, and 1,656,651 and 1,267,315 for the six months ended September 30, 2021 and 2020, for certain share awards as the effect of their inclusion would have been antidilutive.
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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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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, 2021 |
$ |
32,646 |
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$ |
(37,965) |
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$ |
(1,596) |
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$ |
(6,915) |
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Other comprehensive income (loss) before reclassification |
(13,537) |
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— |
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2,551 |
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(10,986) |
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Net current period other comprehensive income (loss) |
(13,537) |
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— |
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2,551 |
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(10,986) |
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Foreign exchange rate impact |
(873) |
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873 |
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— |
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— |
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| Balance as of September 30, 2021 |
$ |
18,236 |
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$ |
(37,092) |
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$ |
955 |
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$ |
(17,901) |
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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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