STOCKHOLDERS’ INVESTMENT, EARNINGS PER SHARE AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Stockholders’ Investment

Common Stock — The total number of authorized shares of our Common Stock reserved as of March 31, 2017 was 7,946,425. These shares are reserved in connection with our stock-based compensation plans.

The following is a summary of changes in outstanding shares of Common Stock for the years ended March 31, 2017 and 2016:



	Shares	Weighted Average Price Per Share
Outstanding as of March 31, 2015	34,838,374
Issuance of restricted stock	138,369	$	45.69
Outstanding as of March 31, 2016	34,976,743
Issuance of restricted stock	237,248	$	17.41
Outstanding as of March 31, 2017	35,213,991

Restrictions on Foreign Ownership of Common Stock — Under the Federal Aviation Act, it is unlawful to operate certain aircraft for hire within the U.S. unless such aircraft are registered with the Federal Aviation Administration (the “FAA”) and the FAA has issued an operating certificate to the operator. As a general rule, aircraft may be registered under the Federal Aviation Act only if the aircraft are owned or controlled by one or more citizens of the U.S. and an operating certificate may be granted only to a citizen of the U.S. For purposes of these requirements, a corporation is deemed to be a citizen of the U.S. only if, among other things, at least 75% of its voting interests are owned or controlled by U.S. citizens. If persons other than U.S. citizens should come to own or control more than 25% of our voting interest or if any other requirements are not met, we have been advised that our aircraft may be subject to deregistration under the Federal Aviation Act, and we may lose our ability to operate within the U.S. Deregistration of our aircraft for any reason, including foreign ownership in excess of permitted levels, would have a material adverse effect on our ability to conduct operations within our North America and Bristow Academy business units. Therefore, our organizational documents currently provide for the automatic suspension of voting rights of shares of our Common Stock owned or controlled by non-U.S. citizens, and our right to redeem those shares, to the extent necessary to comply with these requirements. As of March 31, 2017, approximately 5,203,000 shares of our Common Stock were held by persons with foreign addresses. These shares represented approximately 15% of our total outstanding common shares as of March 31, 2017. Our foreign ownership may fluctuate on each trading day because our Common Stock is publicly traded.

Dividends — We paid quarterly dividends of $0.07 per share during each quarter of fiscal year 2017, quarterly dividends of $0.34 per share during the first, second and third quarters of fiscal year 2016 and $0.07 per share during the fourth quarter of fiscal year 2016 and quarterly dividends of $0.32 per share during each quarter of fiscal year 2015. On May 18, 2017, our board of directors approved a dividend of $0.07 per share of Common Stock, payable on June 22, 2017 to shareholders of record on June 7, 2017. For fiscal years 2017, 2016 and 2015, we paid dividends totaling $9.8 million, $38.1 million and $45.1 million, respectively, to our stockholders. The declaration of future dividends is at the discretion of our board of directors and subject to our results of operations, financial condition, cash requirements and other factors and restrictions under applicable law and our debt instruments.

Share Repurchases — We did not repurchase any shares of Common Stock during fiscal years 2017 and 2016. During fiscal years 2015, we repurchased 1,160,940 shares of our Common Stock for $80.8 million. As of November 4, 2016, the $150.0 million of remaining repurchase authority previously authorized by our board of directors expired and was not renewed. In addition, covenants in our credit agreements restrict our ability to repurchase our Common Stock. Shares outstanding used to calculate earnings per share during fiscal year 2015 reflect the repurchase of shares when they were delivered.

Earnings per Share

Basic earnings per common share is computed by dividing income available to common stockholders by the weighted average number of shares of Common Stock outstanding during the period. Diluted earnings per common share excludes options to purchase shares and restricted stock awards, which were outstanding during the period but were anti-dilutive, as follows:



	Fiscal Year Ended March 31,
	2017		2016		2015
Options:
Outstanding	1,815,020		1,194,783		682,800
Weighted average exercise price	$	31.98	$	62.11	$	69.04
Restricted stock awards:
Outstanding	541,014		286,804		—
Weighted average price	$	26.76	$	37.27	$	—

The following table sets forth the computation of basic and diluted earnings per share:



	Fiscal Year Ended March 31,
	2017			2016			2015
Earnings (in thousands):
Income (loss) available to common stockholders	$	(170,536	)	$	(73,940	)	$	84,300
Shares:
Weighted average number of common shares outstanding – basic	35,044,040			34,893,844			35,193,480
Net effect of dilutive stock options, restricted stock units and restricted stock awards based on the treasury stock method	—			—			335,125
Weighted average number of common shares outstanding – diluted	35,044,040			34,893,844			35,528,605
Basic earnings (loss) per common share	$	(4.87	)	$	(2.12	)	$	2.40
Diluted earnings (loss) per common share	$	(4.87	)	$	(2.12	)	$	2.37

Accumulated Other Comprehensive Income

The following table sets forth the changes in the balances of each component of accumulated other comprehensive income:



	Currency Translation Adjustments			Pension Liability Adjustments ⁽¹⁾			Total
Outstanding as of March 31, 2014	$	57,812		$	(214,318	)	$	(156,506	)
Other comprehensive income before reclassification	(76,845		)	(42,301		)	(119,146		)
Reclassified from accumulated other comprehensive income	—			5,323			5,323
Net current period other comprehensive income	(76,845		)	(36,978		)	(113,823		)
Foreign exchange rate impact	(20,033		)	20,033			—
Outstanding as of March 31, 2015	(39,066		)	(231,263		)	(270,329		)
Other comprehensive income before reclassification	(20,195		)	(5,583		)	(25,778		)
Reclassified from accumulated other comprehensive income	—			6,288			6,288
Net current period other comprehensive income	(20,195		)	705			(19,490		)
Foreign exchange rate impact	(8,104		)	8,104			—
Outstanding as of March 31, 2016	(67,365		)	(222,454		)	(289,819		)
Other comprehensive income before reclassification	(26,947		)	(17,142		)	(44,089		)
Reclassified from accumulated other comprehensive income	—			5,631			5,631
Net current period other comprehensive income	(26,947		)	(11,511		)	(38,458		)
Foreign exchange rate impact	(55,409		)	55,409			—
Outstanding as of March 31, 2017	$	(149,721	)	$	(178,556	)	$	(328,277	)

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⁽¹⁾ Reclassification of amounts related to pension liability adjustments were included as a component of net periodic pension cost.