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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues:        
Vessel revenues $ 139,361 $ 264,131 $ 301,791 $ 562,444
Other operating revenues 4,361 7,792 9,856 14,253
Total revenues 143,722 271,923 311,647 576,697
Costs and expenses:        
Vessel operating costs 87,094 158,612 195,968 337,893
Costs of other operating revenues 3,423 6,102 7,326 11,846
General and administrative 32,954 37,286 70,001 81,239
Vessel operating leases 8,441 8,441 16,882 16,884
Depreciation and amortization 43,845 45,979 88,397 91,636
Gain on asset dispositions, net (6,253) (6,111) (11,896) (13,462)
Asset impairments [1] 129,562 31,672 166,448 46,630
Restructuring charge [2]   7,586   7,586
Total costs and expenses 299,066 289,567 533,126 580,252
Operating loss (155,344) (17,644) (221,479) (3,555)
Other income (expenses):        
Foreign exchange gain (loss) (2,539) 844 (5,272) (3,289)
Equity in net earnings (losses) of unconsolidated companies 1,313 (2,919) 1,312 (5,360)
Interest income and other, net 992 355 2,168 1,145
Interest and other debt costs, net (18,477) (13,247) (35,431) (26,429)
Total other income (expenses) (18,711) (14,967) (37,223) (33,933)
Loss before income taxes (174,055) (32,611) (258,702) (37,488)
Income tax expense 3,568 11,388 7,564 21,675
Net Loss (177,623) (43,999) (266,266) (59,163)
Less: Net income (loss) attributable to noncontrolling interests 867 (164) 1,321 (276)
Net loss attributable to Tidewater Inc. $ (178,490) $ (43,835) $ (267,587) $ (58,887)
Basic loss per common share [3] $ (3.79) $ (0.93) $ (5.69) $ (1.25)
Diluted loss per common share [4] $ (3.79) $ (0.93) $ (5.69) $ (1.25)
Weighted average common shares outstanding 47,067,864 46,942,950 47,067,790 46,962,242
Adjusted weighted average common shares 47,067,864 46,942,950 47,067,790 46,962,242
[1] Refer to Note (15) for additional information regarding asset impairment charges.
[2] Refer to Note (14) for additional information regarding the restructuring charge.
[3] The company calculates “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding shares of common stock, basic”.
[4] The company calculates “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”. As a result of the net losses incurred, the company has excluded the antidilutive effect of incremental share equivalents related to options, restricted stock awards and restricted stock units from the “Loss per share, diluted” calculation for the quarters and six month periods ended September 30, 2016 and 2015.