SHARE-BASED COMPENSATION AND OTHER EMPLOYEE BENEFIT PLANS
|9 Months Ended|
Dec. 31, 2020
|Share-based Payment Arrangement [Abstract]|
|SHARE-BASED COMPENSATION AND OTHER EMPLOYEE BENEFIT PLANS||SHARE-BASED COMPENSATION AND OTHER EMPLOYEE BENEFIT PLANS
Management Incentive Plan
On the Effective Date, the Compensation Committee of Old Bristow’s Board adopted the 2019 Management Incentive Plan (the “MIP”). At the time of its adoption, the MIP served as an equity-based compensation plan for directors, officers and participating employees and other service providers of Old Bristow and its affiliates, pursuant to which Old Bristow was permitted to issue awards covering shares of the Old Bristow Common Stock and Old Bristow Preferred Stock. During the five months ended March 31, 2020 (Successor), Old Bristow awarded 188,210 shares of restricted Old Bristow Preferred Stock, 312,606 shares of restricted Old Bristow Common Stock, 113,081 Old Bristow Preferred Stock options and 265,049 Old Bristow Common Stock options. Upon the closing of the Merger, these awards converted into 656,617 shares of restricted Combined Company Common Stock and 433,283 stock options to purchase Combined Company Common Stock, of which 73,131 shares of restricted Combined Company Common Stock and 48,448 Combined Company Common Stock options vested and 227,884 shares of restricted of Combined Company Common Stock and 151,307 Combined Company Common Stock options forfeited on June 11, 2020 (Successor). Upon the closing of the Merger, 151,768 shares of unvested Combined Company restricted stock awards previously issued under the Era Group Inc. 2012 Share Incentive Plan (the “2012 Incentive Plan”) remained unvested.
Total stock based compensation expense, which includes stock options and restricted stock was $2.2 million and $9.4 million for the three and nine months ended December 31, 2020 (Successor), respectively.
During the nine months ended December 31, 2020 (Successor), the Company awarded 413,035 Combined Company restricted stock units. Of this amount, 161,668 were performance-based restricted stock units of which 150,001 had an average grant date fair value of $7.73 while 11,667 had an average grant date fair value of $24.54; 44,946 restricted stock units for annual director awards had a grant date fair value of $15.76 and the remaining 206,421 restricted stock units were Combined Company non-performance based restricted stock units awarded at an average grant date fair value $19.41 per share. The performance based restricted stock will vest on a cliff-basis, after three years, subject to certain stock price performance targets.
During the nine months ended December 31, 2020 (Successor), the Company awarded 161,668 Combined Company stock options that vest on a cliff-basis after three years. Of the 161,668 stock options, 150,001 had a grant date fair value of $10.99 and the remaining 11,667 had a grant date fair value of $14.56.
The components of net periodic pension cost (benefit) other than the service cost component are included in other income (expense), net on the Company’s condensed consolidated statements of operations. The following table provides a detail of the components of net periodic pension cost (benefit) (in thousands):
The current estimates of the Company’s cash contributions to the Company’s defined benefit pension plans to be paid in fiscal year 2021 are $17.6 million, of which $11.6 million was paid during the nine months ended December 31, 2020 (Successor).
The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef