| Schedule of earnings per share, basic and diluted |
The following table shows the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):
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Fiscal Year Ended
March 31, 2021 |
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Five Months Ended
March 31, 2020 |
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Seven Months Ended
October 31, 2019 |
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Fiscal Year Ended
March 31, 2019 |
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Successor |
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Predecessor |
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Income (loss): |
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Net income (loss) attributable to Bristow Group Inc. |
$ |
(56,094) |
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$ |
139,228 |
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$ |
(836,414) |
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$ |
(336,847) |
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Less: PIK dividends (1)
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(12,039) |
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(25,788) |
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— |
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— |
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Plus: Deemed contribution from conversion of preferred stock |
144,986 |
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— |
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— |
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— |
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Income available to common stockholders – basic |
76,853 |
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113,440 |
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(836,414) |
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(336,847) |
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Add: PIK dividends |
12,039 |
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25,788 |
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— |
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— |
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Less: Changes in fair value of preferred stock derivative liability |
(15,416) |
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(184,140) |
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— |
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— |
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Income available to common stockholders – diluted |
$ |
73,476 |
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$ |
(44,912) |
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$ |
(836,414) |
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$ |
(336,847) |
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Shares: |
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Weighted average number of common shares outstanding – basic(2)
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24,601,168 |
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5,641,320 |
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35,918,916 |
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35,740,933 |
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Effect of dilutive stock options and restricted stock |
179,900 |
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— |
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— |
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— |
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Preferred shares as converted basis(2)
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6,894,870 |
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24,164,661 |
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— |
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— |
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Weighted average number of common shares outstanding – diluted (3)(4)
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31,675,938 |
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29,805,981 |
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35,918,916 |
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35,740,933 |
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Earnings (loss) per common share - basic |
$ |
3.12 |
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$ |
20.11 |
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$ |
(23.29) |
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$ |
(9.42) |
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Earnings (loss) per common share - diluted |
$ |
2.32 |
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$ |
(1.51) |
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$ |
(23.29) |
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$ |
(9.42) |
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___________________________
(1)See Note 7 for further discussion on PIK dividends.
(2)For the five months ended March 31, 2020 the weighted average number of common shares outstanding, basic and diluted, take into account the conversion ratio applied to Old Bristow shares upon close of the Merger.
(3)Excludes weighted average common shares of 135,882 for the fiscal year ended March 31, 2021 (Successor), 3,175,849 for the seven months ended October 31, 2019 (Predecessor) and 2,490,483 fiscal year ended March 31, 2019, respectively, for certain share awards as the effect of their inclusion would have been antidilutive. The Old Bristow Preferred Stock is not included on an if-converted basis under diluted earnings per common share as the conversion of the shares would have been anti-dilutive.
(4)Potentially dilutive shares issuable pursuant to the warrant transactions entered into concurrently with the issuance of the Old Bristow’s 4½% Convertible Senior Notes (the “Warrant Transactions”) were not included in the computation of diluted income per share for the 2019 periods reflected, because to do so would have been anti-dilutive.
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| Schedule of accumulated other comprehensive income (loss) |
The following table shows the changes in balances for accumulated other comprehensive income (loss) (in thousands):
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Successor |
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Currency Translation Adjustments |
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Pension Liability Adjustments (1)
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Unrealized gain (loss) on cash flow hedges (2)
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Total |
| Balance as of March 31, 2019 (Predecessor) |
(137,867) |
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(189,734) |
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(388) |
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(327,989) |
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| Other comprehensive income (loss) before reclassification |
23,004 |
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— |
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(1,828) |
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21,176 |
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| Reclassified from accumulated other comprehensive loss |
— |
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— |
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1,146 |
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1,146 |
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| Net current period other comprehensive income (loss) before reclassification |
23,004 |
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— |
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(682) |
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22,322 |
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| Foreign currency exchange impact |
(1,551) |
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1,551 |
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— |
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— |
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| Balance as of October 31, 2019 (Predecessor) |
(116,414) |
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(188,183) |
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(1,070) |
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(305,667) |
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| Fair value fresh-start adjustment |
116,414 |
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188,183 |
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1,070 |
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305,667 |
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| Balance as of October 31, 2019 (Predecessor) |
— |
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— |
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— |
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— |
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| Balance as of October 31, 2019 (Successor) |
— |
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— |
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— |
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— |
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| Net current period other comprehensive income (loss) |
(16,440) |
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6,389 |
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1,410 |
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(8,641) |
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| Balance as of March 31, 2020 |
$ |
(16,440) |
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$ |
6,389 |
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$ |
1,410 |
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$ |
(8,641) |
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Other comprehensive income (loss) before reclassification |
49,803 |
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— |
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(4,677) |
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45,126 |
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Reclassified from accumulated other comprehensive income |
— |
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(45,071) |
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1,671 |
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(43,400) |
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Net current period other comprehensive income (loss) |
49,803 |
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(45,071) |
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(3,006) |
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1,726 |
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Foreign exchange rate impact |
(717) |
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717 |
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— |
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— |
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| Balance as of March 31, 2021 |
$ |
32,646 |
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$ |
(37,965) |
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$ |
(1,596) |
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$ |
(6,915) |
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__________________________
(1)Reclassification of amounts related to pension liability adjustments are included as a component of net periodic pension cost.
(2)Reclassification of amounts related to cash flow hedges were included as operating expenses
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