Bristow Group Inc. Transition report pursuant to Rule 13a-10 or 15d-10

Transition report pursuant to Rule 13a-10 or 15d-10

EARNINGS PER SHARE

EARNINGS PER SHARE

9 Months Ended

Dec. 31, 2022

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 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):


	Nine Months Ended December 31, 2022		Twelve Months Ended March 31, 2022		Twelve Months Ended March 31, 2021(1)
Income (loss):
Net income (loss) attributable to Bristow Group Inc.	$	13,528	$	(15,791)	$	(56,094)
Less: Paid-in-Kind (“PIK”) dividends(1)	—		—		(12,039)
Plus: Deemed contribution from conversion of preferred stock(1)	—		—		144,986
Income (loss) available to common stockholders – basic	13,528		(15,791)		76,853
Plus: PIK dividends	—		—		12,039
Less: Changes in fair value of preferred stock derivative liability	—		—		(15,416)
Income (loss) available to common stockholders – diluted	$	13,528	$	(15,791)	$	73,476
Shares:
Weighted average shares of common stock outstanding – basic	28,066		28,533		24,601
Effect of dilutive stock options and restricted stock	508		—		180
Preferred shares as converted basis	—		—		6,895
Weighted average shares of common stock outstanding – diluted (2)	28,574		28,533		31,676

Earnings (loss) per common share - basic	$	0.48	$	(0.55)	$	3.12
Earnings (loss) per common share - diluted	$	0.47	$	(0.55)	$	2.32

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(1)See the Company’s Annual Report on Form 10-K, filed with the SEC on May 31, 2022 for further discussion on PIK dividends and conversion of Old Bristow stock during the twelve months ended March 31, 2021.

(2)Excludes weighted average common shares of 1,276,783 for the nine months ended December 31, 2022, 1,573,745 and 135,882 for the twelve months ended March 31, 2022 and twelve months ended March 31, 2021, respectively, for certain share awards as the effect of their inclusion would have been antidilutive.