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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
4 Months Ended 5 Months Ended 12 Months Ended
Jul. 31, 2017
Dec. 31, 2017
Dec. 31, 2018
Mar. 31, 2017
Revenues:        
Total revenues   $ 178,753 $ 406,520  
Costs and expenses:        
Vessel operating costs   120,502 269,580  
Costs of other operating revenues   3,792 5,530  
General and administrative   46,619 110,023  
Vessel operating leases   1,215    
Depreciation and amortization   20,337 58,293  
Gain on asset dispositions, net   (6,616) (10,624)  
Impairment of due from affiliate     20,083  
Long-lived asset impairments [1]   16,777 61,132  
Total costs and expenses   202,626 514,017  
Operating loss   (23,873) (107,497)  
Other income (expense):        
Foreign exchange gain (loss)   (407) 106  
Equity in net earnings (losses) of unconsolidated companies   2,130 (18,864)  
Interest income and other, net   2,771 11,294  
Reorganization items   (4,299)    
Loss on early extinguishment of debt     (8,119)  
Interest and other debt costs, net   (13,009) (30,439)  
Total other income (expenses)   (12,814) (46,022)  
Loss before income taxes   (36,687) (153,519)  
Income tax (benefit) expense   2,039 18,252  
Net loss   (38,726) (171,771)  
Less: Net income (losses) attributable to noncontrolling interests   540 (254)  
Net loss attributable to Tidewater Inc.   $ (39,266) $ (171,517)  
Basic loss per common share [2]   $ (1.82) $ (6.45)  
Diluted loss per common share [3]   $ (1.82) $ (6.45)  
Weighted average common shares outstanding [4]   21,539,143 26,589,883  
Adjusted weighted average common shares   21,539,143 26,589,883  
Vessel Revenues        
Revenues:        
Total revenues   $ 171,884 $ 397,206  
Other Operating Revenues        
Revenues:        
Total revenues   $ 6,869 $ 9,314  
Predecessor        
Revenues:        
Total revenues $ 151,369     $ 601,611
Costs and expenses:        
Vessel operating costs 116,438     359,171
Costs of other operating revenues 2,348     12,729
General and administrative 41,832     145,879
Vessel operating leases 6,165     33,766
Depreciation and amortization 47,447     167,291
Gain on asset dispositions, net (3,561)     (24,099)
Long-lived asset impairments [1] 184,748     484,727
Total costs and expenses 395,417     1,179,464
Operating loss (244,048)     (577,853)
Other income (expense):        
Foreign exchange gain (loss) (3,181)     (1,638)
Equity in net earnings (losses) of unconsolidated companies 4,786     5,710
Interest income and other, net 2,384     5,193
Reorganization items (1,396,905)      
Interest and other debt costs, net (11,179)     (75,026)
Total other income (expenses) (1,404,095)     (65,761)
Loss before income taxes (1,648,143)     (643,614)
Income tax (benefit) expense (1,234)     6,397
Net loss (1,646,909)     (650,011)
Less: Net income (losses) attributable to noncontrolling interests       10,107
Net loss attributable to Tidewater Inc. $ (1,646,909)     $ (660,118)
Basic loss per common share [2] $ (34.95)     $ (14.02)
Diluted loss per common share [3] $ (34.95)     $ (14.02)
Weighted average common shares outstanding [4] 47,121,330     47,071,066
Adjusted weighted average common shares 47,121,330     47,071,066
Predecessor | Vessel Revenues        
Revenues:        
Total revenues $ 146,597     $ 583,816
Predecessor | Other Operating Revenues        
Revenues:        
Total revenues $ 4,772     $ 17,795
[1] The twelve months ended December 31, 2018, the period August 1, 2017 through December 31, 2017 and the twelve months ended March 31, 2017 included $3.5 million, $2.3 million and $2.2 million respectively, of impairments related to inventory and other non-vessel assets. There were no impairments to non-vessel assets during the period April 1, 2017 through July 31, 2017.
[2] We calculate “Loss per share, basic” by dividing “Net loss available to common shareholders” by “Weighted average outstanding share of common stock, basic”.
[3] We calculate “Loss per share, diluted” by dividing “Net loss available to common shareholders” by “Weighted average common stock and equivalents”.
[4] Basic weighted average shares outstanding included 2,547 and 924,125 shares issuable upon the exercise of New Creditor Warrants held by U.S. citizens at December 31, 2018 (Successor) and December 31, 2017 (Successor).