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Supplemental Selected Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2017
Unaudited Quarterly Financial Data
The following table contains selected unaudited quarterly financial data from the consolidated statements of operations for each quarter of fiscal years 2017 and 2016. The operating results for any quarter are not necessarily indicative of results for any future period.
 
Quarter Ended
 
Mar 31
 
Jun 30
 
Sep 30
 
Dec 31
Fiscal Year 2017(1)(2)
 
 
 
 
 
 
 
Revenues
$
44,079

 
$
37,426

 
$
53,666

 
$
56,241

Operating loss
(26,481
)
 
(31,318
)
 
(16,667
)
 
(14,278
)
Net income (loss)(3)
(27,898
)
 
(19,489
)
 
(18,950
)
 
93,758

Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic earnings (loss) per common share
$
(0.76
)
 
$
(0.53
)
 
$
(0.51
)
 
$
2.53

Diluted earnings (loss) per common share
$
(0.76
)
 
$
(0.53
)
 
$
(0.51
)
 
$
2.48

Fiscal Year 2016(1)(2)
 
 
 
 
 
 
 
Revenues
$
76,820

 
$
53,673

 
$
51,927

 
$
41,879

Operating loss
(780
)
 
(21,510
)
 
(14,445
)
 
(27,484
)
Net loss
(7,514
)
 
(20,586
)
 
(16,503
)
 
(19,243
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic loss per common share
$
(0.21
)
 
$
(0.57
)
 
$
(0.45
)
 
$
(0.53
)
Diluted loss per common share
$
(0.21
)
 
$
(0.57
)
 
$
(0.45
)
 
$
(0.53
)
 
 
(1) 
The sum of the four quarters may not equal annual results due to rounding.
(2) 
Results for the fiscal years 2017 and 2016 were significantly impacted by a drop in oil price, which resulted in reductions in both the Company's dayrates and utilization. In recognition of these weak market conditions, the Company elected to stack OSVs and MPSVs on various dates during fiscal 2017 and 2016. The Company had an average of 42.8 OSVs and 0.8 MPSVs stacked during the year ended December 31, 2017. The Company had an average of 41.3 OSVs and 0.3 MPSVs stacked during fiscal 2016.
(3) 
The results for the three months ended December 31, 2017 were favorably impacted by tax reform that was enacted in December 2017. As a result of tax reform, the Company recorded a benefit of $125,225 related to the repricing of its deferred tax liabilities. Such benefits were reduced primarily by tax expense related to credits that may not be utilized prior to their expiration. Excluding these one-time tax items from the Company's fourth quarter results its net loss would have been $(17,281) or $(0.47) per diluted share. See Note 9 for further information.