Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER COMMON SHARE

v3.19.3
EARNINGS (LOSS) PER COMMON SHARE
 9 Months Ended
Sep. 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 nine months ended September 30, 2019 and 2018 were as follows (in thousands, except share and per share data):
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income (loss) attributable to Era Group Inc.
 
$
(1,910
)
 
$
31,289

 
$
(2,913
)
 
$
19,716

Less: Net income attributable to participating securities
 
—

 
714

 
—

 
425

Net income (loss) attributable to fully vested common stock
 
$
(1,910
)
 
$
30,575

 
$
(2,913
)
 
$
19,291

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
20,625,408

 
21,215,576

 
21,129,722

 
21,139,212

Diluted(1)

 
20,629,328

 
21,239,189

 
21,131,029

 
21,156,466

 
 
 
 
 
 
 
 
 
Income (loss) per common share, basic and diluted
 
$
(0.09
)
 
$
1.44

 
$
(0.14
)
 
$
0.91

____________________
(1)
Excludes weighted average common shares of 207,532 and 224,769 for the three months ended September 30, 2019 and 2018, respectively, and 204,919 and 223,921 for the nine months ended September 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 September 30, 2019, Era Group repurchased 188,553 shares of common stock in open market transactions for gross consideration of $1.6 million, which is an average cost per share of $8.45. During the nine months ended September 30, 2019, Era Group repurchased 988,721 shares of common stock in open market transactions for gross consideration of $7.6 million, which is an average cost per share of $7.72. As of September 30, 2019, $15.3 million remained of the $25.0 million share repurchase program.