Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER 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 assumes 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 for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands, except share and per share data):
 
 
2019
 
2018
 
2017
Net income (loss) attributable to Era Group Inc.
 
$
(3,593
)
 
$
13,922

 
$
(28,161
)
Less: Net income attributable to participating securities
 
—

 
307

 
—

Net income (loss) attributable to fully vested common stock
 
$
(3,593
)
 
$
13,615

 
$
(28,161
)
Shares:
 
 
 
 
 
 
Weighted average number of common shares outstanding—basic
 
21,009,362

 
21,167,550

 
20,760,530

Net effect of dilutive stock options and restricted stock awards based on the treasury stock method(1)
 
1,353

 
12,940

 
—

Weighted average number of common shares outstanding—diluted
 
21,010,715

 
21,180,490

 
20,760,530

Earnings (loss) per common share:
 
 
 
 
 
 
Basic
 
$
(0.17
)
 
$
0.64

 
$
(1.36
)
Diluted
 
$
(0.17
)
 
$
0.64

 
$
(1.36
)
_______________
(1)
Excludes weighted average common shares of 204,965, 218,844 and 273,255 for the years ended December 31, 2019, 2018 and 2017, 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. This plan has been suspended following the announcement noted below.
During the year ended December 31, 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 December 31, 2019, $15.3 million remained of the $25.0 million share repurchase program.
On January 24, 2020, the 2014 Board authorized repurchase program was suspended in connection with the entry into the merger agreement with Bristow Group Inc. (“Bristow”). The board has authorized a special stock repurchase program that would allow for the purchase of up to $10 million of its common stock from time to time and subject to market conditions on the open market or in privately negotiated transactions. The special repurchase program will commence as soon as practicable and will end upon the mailing of the joint proxy statement/prospectus for the merger.