STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)
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12 Months Ended |
Mar. 31, 2020 |
|---|
| STOCKHOLDERS' INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] |
|
| Summary of Changes in Outstanding Shares of Common Stock |
The following is a summary of changes in outstanding shares of common stock:
| |
|
Shares |
|
|
Weighted Average
Price Per Share
|
|
Outstanding as of March 31, 2018 (Predecessor)
|
|
|
35,526,625 |
|
|
|
|
Exercise of stock options
|
|
|
174,578 |
|
|
$ |
16.21 |
|
Issuance of restricted stock
|
|
|
217,713 |
|
|
$ |
6.93 |
|
Outstanding as of March 31, 2019 (Predecessor)
|
|
|
35,918,916 |
|
|
|
|
|
Cancellation and discharged
|
|
|
(35,918,916 |
) |
|
|
|
|
Outstanding as of October 31, 2019 (Predecessor)
|
|
|
— |
|
|
|
|
|
Issuance of Successor Common Stock
|
|
|
11,235,535 |
|
|
|
|
|
Outstanding as of October 31, 2019 (Successor) |
|
|
11,235,535 |
|
|
|
|
|
Issuance of Successor Common Stock
|
|
|
31 |
|
|
$ |
19.25 |
|
Outstanding as of March 31, 2020 (Successor)
|
|
|
11,235,566 |
|
|
|
|
|
|
| Anti-dilutive Securities Excluded from Calculation of Diluted Earnings per Common Share |
Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:
| |
|
|
|
|
|
Predecessor
|
|
|
|
|
|
| |
|
Seven Months
Ended
October 31,
|
|
|
|
Fiscal Year Ended March 31, |
|
|
|
2019 |
|
|
|
2019
|
|
|
|
2018
|
|
| Options: |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
|
3,175,849 |
|
|
|
2,490,483 |
|
|
|
2,890,140 |
|
Weighted average exercise price |
|
$ |
26.58 |
|
|
$ |
34.20 |
|
|
$ |
38.77 |
|
Restricted stock awards: |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding |
|
|
646,714 |
|
|
|
581,677 |
|
|
|
547,927 |
|
Weighted average price |
|
$ |
8.51 |
|
|
$ |
9.33 |
|
|
$ |
21.00 |
|
|
| Computation of Basic and Diluted Earnings per Share |
The following table sets forth the computation of basic and diluted earnings per share:
| |
|
|
|
|
Predecessor
|
|
|
|
|
| |
|
Seven Months
Ended
October 31,
|
|
|
Fiscal Year Ended March 31,
|
|
| |
|
2019
|
|
|
2019 |
|
|
2018 |
|
Loss (in thousands): |
|
|
|
|
|
|
|
|
|
Loss available to common stockholders – basic
|
|
$ |
(836,414 |
) |
|
$ |
(336,847 |
) |
|
$ |
(194,684 |
) |
Interest expense on assumed conversion of 4½% Convertible Senior Notes, net of tax (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss available to common stockholders
|
|
$ |
(836,414 |
) |
|
$ |
(336,847 |
) |
|
$ |
(194,684 |
) |
Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding – basic
|
|
|
35,918,916 |
|
|
|
35,740,933 |
|
|
|
35,288,579 |
|
Assumed conversion of 4½% Convertible Senior Notes outstanding during period (1)
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Weighted average number of common shares outstanding – diluted (2)
|
|
|
35,918,916 |
|
|
|
35,740,933 |
|
|
|
35,288,579 |
|
Basic loss per common share |
|
$ |
(23.29 |
) |
|
$ |
(9.42 |
) |
|
$ |
(5.52 |
) |
Diluted loss per common share
|
|
$ |
(23.29 |
) |
|
$ |
(9.42 |
) |
|
$ |
(5.52 |
) |
|
(1) |
Potentially dilutive shares issuable pursuant to the Warrant Transactions were not included in the computation of diluted income per share for the seven months ended October 31, 2019 (Predecessor), fiscal year 2019 (Predecessor) and fiscal year 2018 (Predecessor) because to do so would have been anti-dilutive. |
| |
|
Successor |
|
| |
|
Five Months Ended
March 31, 2020
|
|
Net income (in thousands): |
|
|
|
Net income attributable to Bristow Group
|
|
$ |
139,228 |
|
Less: PIK dividends (1)
|
|
|
(25,788 |
) |
Income available to common stockholders – basic |
|
$ |
113,440 |
|
Add: PIK dividends
|
|
|
25,788 |
|
Less: Change in fair value of preferred stock derivative liability |
|
$ |
(184,140 |
) |
Loss available to common stockholders – diluted
|
|
$ |
(44,912 |
) |
Shares: |
|
|
|
|
Weighted average number of common shares outstanding – basic |
|
|
11,235,541 |
|
Net effect of dilutive stock options and restricted stock awards (2)
|
|
|
— |
|
Preferred shares as converted basis
|
|
|
9,292,207 |
|
Weighted average number of common shares outstanding – diluted |
|
|
20,527,748 |
|
| |
|
|
|
|
Basic earnings per common share |
|
$ |
10.10 |
|
Diluted loss per common share
|
|
$ |
(2.19 |
) |
|
(1) |
See “Stockholders’ Investment, Common Stock and Preferred Stock” above for further details on PIK Dividends.
|
|
(2) |
Potentially dilutive shares were not included in the calculation because to do so would have been anti-dilutive. See Note 14 for further details on stock options and restricted stock awards. |
|
| Changes in Balances of Each Component of Accumulated Other Comprehensive Income |
The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:
| |
|
Currency
Translation
Adjustments
|
|
|
Pension Liability
Adjustments (1)
|
|
|
Unrealized
loss on cash
flow hedges (2)
|
|
|
Total |
|
Balance as of March 31, 2017 (Predecessor)
|
|
$ |
(149,721 |
) |
|
$ |
(178,556 |
) |
|
$ |
— |
|
|
$ |
(328,277 |
) |
Other comprehensive income (loss) before reclassification
|
|
|
30,196 |
|
|
|
3,713 |
|
|
|
(414 |
) |
|
|
33,495 |
|
Reclassified from accumulated other comprehensive loss . |
|
|
— |
|
|
|
8,620 |
|
|
|
68 |
|
|
|
8,688 |
|
Net current period other comprehensive income (loss)
|
|
|
30,196 |
|
|
|
12,333 |
|
|
|
(346 |
) |
|
|
42,183 |
|
Foreign currency exchange rate impact
|
|
|
40,459 |
|
|
|
(40,459 |
) |
|
|
— |
|
|
|
— |
|
Balance as of March 31, 2018 (Predecessor) |
|
|
(79,066 |
) |
|
|
(206,682 |
) |
|
|
(346 |
) |
|
|
(286,094 |
) |
Other comprehensive loss before reclassification
|
|
|
(36,562 |
) |
|
|
(13,175 |
) |
|
|
(506 |
) |
|
|
(50,243 |
) |
Reclassified from accumulated other comprehensive loss
|
|
|
— |
|
|
|
7,884 |
|
|
|
464 |
|
|
|
8,348 |
|
Net current period other comprehensive loss |
|
|
(36,562 |
) |
|
|
(5,291 |
) |
|
|
(42 |
) |
|
|
(41,895 |
) |
Foreign currency exchange rate impact |
|
|
(22,239 |
) |
|
|
22,239 |
|
|
|
— |
|
|
|
— |
|
Balance as of March 31, 2019 (Predecessor)
|
|
|
(137,867 |
) |
|
|
(189,734 |
) |
|
|
(388 |
) |
|
|
(327,989 |
) |
Other comprehensive income (loss) before reclassification
|
|
|
23,004 |
|
|
|
— |
|
|
|
(1,828 |
) |
|
|
21,176 |
|
Reclassified from accumulated other comprehensive loss . |
|
|
— |
|
|
|
— |
|
|
|
1,146 |
|
|
|
1,146 |
|
Net current period other comprehensive income (loss)
|
|
|
23,004 |
|
|
|
— |
|
|
|
(682 |
) |
|
|
22,322 |
|
Foreign currency exchange rate impact
|
|
|
(1,551 |
) |
|
|
1,551 |
|
|
|
— |
|
|
|
— |
|
Balance as of October 31, 2019 (Predecessor) . |
|
|
(116,414 |
) |
|
|
(188,183 |
) |
|
|
(1,070 |
) |
|
|
(305,667 |
) |
Fair value fresh-start adjustment
|
|
|
116,414 |
|
|
|
188,183 |
|
|
|
1,070 |
|
|
|
305,667 |
|
Balance as of October 31, 2019 (Predecessor)
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Balance as of October 31, 2019 (Successor) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net current period other comprehensive income (loss) |
|
|
(16,440 |
) |
|
|
6,389 |
|
|
|
1,410 |
|
|
|
(8,641 |
) |
Balance as of March 31, 2020 (Successor) |
|
$ |
(16,440 |
) |
|
$ |
6,389 |
|
|
$ |
1,410 |
|
|
$ |
(8,641 |
) |
| (1) |
Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost. For further details on additional pension liability recorded during fiscal year 2019, see Note 14.
|
| (2) |
Reclassification of amounts related to cash flow hedges were included as direct costs. |
|