Quarterly report pursuant to Section 13 or 15(d)

EARNINGS (LOSS) PER COMMON SHARE

v3.20.1
EARNINGS (LOSS) PER COMMON SHARE
 3 Months Ended
Mar. 31, 2020
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 months ended March 31, 2020 and 2019 were as follows (in thousands, except share and per share data):
 
 
Three Months Ended 
 March 31,
 
 
2020
 
2019
Net loss attributable to Era Group Inc.
 
$
(7,229
)
 
$
(5,943
)
Less: Net income attributable to participating securities
 
—

 
—

Net loss attributable to fully vested common stock
 
$
(7,229
)
 
$
(5,943
)
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
Basic
 
20,702,670

 
21,323,312

Diluted(1)

 
20,702,670

 
21,323,312

 
 
 
 
 
Loss per common share, basic and diluted
 
$
(0.35
)
 
$
(0.28
)
____________________
(1)
Excludes weighted average common shares of 203,612 for each of the three months ended March 31, 2020 and 2019, 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 (the “Board”) approved a share repurchase program authorizing up to $25.0 million of share repurchases. On January 23, 2020, this program was suspended in connection with the entry into the merger agreement with Bristow.
In connection with the entry into the merger agreement with 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 end upon the mailing of the joint proxy statement/prospectus for the merger.
In April 2020, Era Group repurchased 230,889 shares of common stock in open market transactions for gross consideration of $1.0 million, which is an average cost per share of $4.14. As of May 1, 2020, $9.0 million remained authorized under the $10.0 million share repurchase program.