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Basis of Presentation and Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Contract with Customer, Asset and Liability

The Company’s contract liability activity for the three months ended March 31 was as follows (in thousands):


	2020		2019
Balance at beginning of period	$	794	$	968
Previously deferred revenues recognized upon completion of performance obligations during the period	(394)		(408)
Net contract liabilities arising during the period	7,504		7,351
Balance at end of period	$	7,904	$	7,911

Property, Plant and Equipment

As of March 31, 2020, the estimated useful life (in years) of each of the Company’s major categories of new equipment was as follows:


Petroleum and chemical carriers - U.S.-flag			25
Bulk carriers - U.S.-flag			25
Harbor and offshore tugs			25
Ocean liquid tank barges			25
Short-sea container/RORO⁽¹⁾vessels			20
Inland river dry-cargo and specialty barges			20
Inland river liquid tank barges			25
Inland river towboats and harbor boats			25
Terminal and fleeting facilities			20

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(1)Roll On/Roll Off.

Schedule of Deferred Gains

Deferred gain activity related to these transactions for the three months ended March 31 was as follows (in thousands):


	2020		2019
Balance at beginning of period	$	12,008	$	43,664

Impact of adoption of accounting principle⁽¹⁾	—		(29,207)

Amortization of deferred gains included in gains on asset dispositions, net	(331)		(331)

Balance at end of period	$	11,677	$	14,126

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(1)On January 1, 2019, the Company adopted Topic 842 and reduced deferred gains associated with sale-leaseback transactions through a beginning period retained earnings adjustment.

Schedule of Earnings Per Share

Computations of basic and diluted earnings per common share of SEACOR were as follows (in thousands, except share data):


	Three Months Ended March 31,
	Net Income Attributable to SEACOR		Average O/S Shares	Per Share
2020
Basic Weighted Average Common Shares Outstanding	$	1,467	19,950,444	$	0.07
Effect of Dilutive Securities:
Options and Restricted Stock⁽¹⁾	—		43,581
Convertible Notes⁽²⁾	—		—
Diluted Weighted Average Common Shares Outstanding	$	1,467	19,994,025	$	0.07
2019
Basic Weighted Average Common Shares Outstanding	$	7,733	18,232,562	$	0.42
Effect of Dilutive Securities:
Options and Restricted Stock⁽³⁾	—		111,676
Convertible Notes⁽⁴⁾	318		1,227,101
Diluted Weighted Average Common Shares Outstanding	$	8,051	19,571,339	$	0.41

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(1)For the three months ended March 31, 2020, diluted earnings per common share of SEACOR excluded 1,576,797 of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.

(2)For the three months ended March 31, 2020, diluted earnings per common share of SEACOR excluded 573,604 of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes, 1,227,101 of common shares issuable pursuant to the Company’s 2.5% Convertible Senior Notes and 1,553,780 of common shares issuable pursuant to the Company’s 3.25% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.

(3)For the three months ended March 31, 2019, diluted earnings per common share of SEACOR excluded 1,012,711 of certain share awards as the effect of their inclusion in the computation would be anti-dilutive.

(4)For the three months ended March 31, 2019, diluted earnings per common share of SEACOR excluded 1,302,221 of common shares issuable pursuant to the Company’s 3.0% Convertible Senior Notes and 1,553,780 of common shares issuable pursuant to the Company’s 3.25% Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive.