Note 6 - Stockholders' Equity and Dilutive Equity Instruments

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Equity [Text Block]

(6) STOCKHOLDERS’ EQUITY AND DILUTIVE EQUITY INSTRUMENTS

Earnings per share

In recent years through the second quarter of 2022, we reported annual and quarterly losses from operations and reported basic and diluted losses per share based on the actual average shares of common stock outstanding during the relevant period. For the quarter ended March 31, 2023, we reported net income from operations. Our fully diluted earnings per share for the three months ended March 31, 2023, is based on our weighted average common shares outstanding plus the common stock equivalent of our outstanding “in-the-money” warrants, restricted stock units and stock options.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in accumulated other comprehensive income (loss) (OCI) by component, net of tax:

(In Thousands)	Three Months Ended
	March 31, 2023			March 31, 2022
Balance at December 31, 2022 and 2021	$	8,576		$	2,668
Unrealized loss on note receivable		(132	)		—
Pension benefits recognized in OCI		(190	)		(197	)
Balance at March 31, 2023 and 2022	$	8,254		$	2,471

Dilutive Equity Instruments

The following table presents the changes in the number of common shares, incremental “in-the-money” warrants, restricted stock units and stock options outstanding:

Total shares outstanding including warrants, restricted stock units and stock options	March 31, 2023		March 31, 2022
Common shares outstanding		50,780,847		41,716,885
New creditor warrants (strike price $0.001 per common share)		81,244		465,398
GulfMark creditor warrants (strike price $0.01 per common share)		107,877		429,812
Restricted stock units and stock options		1,637,393		1,736,037
Total		52,607,361		44,348,132

We also had “out-of-the-money” warrants outstanding exercisable for 5,923,399 shares of common stock at both March 31, 2023 and 2022. Included in these “out-of-the-money” warrants are (i) Series A Warrants, exercise price of $57.06, expiring in July 2023; (ii) Series B Warrants, exercise price of $62.28, expiring in July 2023; and (iii) GLF Equity Warrants, exercise price of $100.00, expiring in November 2024. No warrants, restricted stock units or stock options, whether in the money or out of the money, are included in our earnings (loss) per share calculations if the effect of such inclusion is antidilutive.