Exhibit 99.1


                            EXPLANATION OF FOOTNOTES
                            ------------------------



(1)  The options and restricted stock awards being reported on this Form 4 were
     granted pursuant to SEACOR SMIT Inc.'s 1996 Share Incentive Plan.

(2)  50 of the options will vest on January 15, 2004; 50 of the options will
     vest on January 15, 2005; 50 of the options will vest on January 15, 2006;
     50 of the options will vest on January 15, 2007; and 50 of the options will
     vest on January 15, 2008.